What does innovation mean in simple words?

The definition of innovation is invention or new. When a company comes up with a creative new product such as a new tablet PC, this is an example of innovation.

Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new value. The creation of value is a defining characteristic of innovation.

The innovator, on the other hand, aims to realize a possible future by getting ideas (i.e., possibilities for the future) adopted as practice in our communities.

Innovation is defined as the process of making an idea or invention into a good or service that creates value and/or for which customers will pay. There are many different types of examples of innovation such as social innovation examples, incremental innovation examples and open innovation examples among others.

An Innovation Matrix is a visualization of how you can easily identify the different kinds of innovation based on whatever goal is necessary for a certain perspective. For example, understand how to accelerate innovation, understand where to innovate, understand how to manage innovation, etc.

The Four Key Elements of Innovation: Collaboration, Ideation, Implementation and Value Creation. Innovation requires collaboration, ideation, implementation and value creation.

There's 3 keys to a successful innovation: work, strengths, and impact. Innovation is work. It's sustained effort in a focused area. Even if you're a dream machine and think up a bunch of ideas on a regular basis, you need to test those ideas against reality.

An idea or solution is considered creative if it is original, useful, and surprising.

Specific actions and practices that impact a culture of innovation include allowing freedom and autonomy in the practice of work, providing challenging work, specifying clear strategic goals, and forming work teams comprised of individuals with diverse skills and perspectives.

Innovation objectives are goals to improve things by an order of magnitude. Innovation typically requires experimentation, risk taking and creativity. As such, innovation objectives may involve greater levels of uncertainty than a typical business objective that aims for predictable and quickly obtainable improvements.