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Innovation by Definition
Innovation is one of most crucial aspects of conducting business in a competitive global economy yet many don’t understand it, and the critical question remains “What is Innovation?”.
😤 Innovation is one of the most abused words, because our interpretations of it is based on personal perspective.
There are literally thousands of definitions, just like how Babson University’s student body produced more than 1400 definitions of entrepreneurship. But that does not matter, what’s important is the core meaning is understood. Even at the smallest level. Unifying the definition is a critical 1st step to getting everyone to a similar perspective.
🌱 Innovation is value creation, or in other words, creating value as a definition is simple, in every form or possible manner.
This is highlighted best in the difference between an invention and innovation. One does not have precedence in human history, the other has been adopted in one way or another in history. The process, frameworks, and principle are indeed important. But if we are not creating value then we are not innovators (be it such a big word).
And here’s the best text book version if you’re wondering:
“Doing something in a new or novel way that delivers more value and/or better experiences to customers and markets in a way that is profitable to the business… Connecting two things on a deeper and more meaningful level”- Global Innovation Institute
⚖️ The starting point to any innovation related discussion is to understand the other person’s interpretation and synch it with yours.
Initiate the conversation with key questions, such as what are we trying to do here? What is the problem we are trying to solve or opportunity going to explore? What value are we looking to create?