The problem with any discussion on innovation is that the word “innovation” is used in many different ways. The most useful and practical definition is “applied creativity that achieves business value.” Rather than thinking of innovation as a value or an end goal or the exclusive domain of R&D, it is most useful to think of it as the best process to solve complex problems or take advantage of complex opportunities. “Innovation” also should not be confused with creativity. Creativity is about having new ideas relevant or not, useful or not, able to be implemented or not, while the outcome of innovation achieves defined value for an organization.
Authors: Claude Legrand, David S. Weiss
Source: Ivey Business Journal