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Innovation

What is innovation?
Innovation is not just represented by introducing or implementing new ideas or methods. The meaning or definition of innovation can be defined as a process that involves multiple activities to uncover new ways to do things. This definition of innovation puts the emphasis on new ways to get the same or better results. Usually, this is taken as innovation meaning improvement. The innovative ways in which the same result can be produced, are most often faster or cheaper than the old process.

What is innovation?
Innovation is not just represented by introducing or implementing new ideas or methods. The meaning or definition of innovation can be defined as a process that involves multiple activities to uncover new ways to do things. This definition of innovation puts the emphasis on new ways to get the same or better results. Usually, this is taken as innovation meaning improvement. The innovative ways in which the same result can be produced, are most often faster or cheaper than the old process.

If you answer the question: What is innovation? The concept of innovation should not be confused with creation, since this can be defined as the act of making, inventing, or producing something. However, new innovations can be realized with creativity. People need to think outside the box in order to create incremental enhancements.

The importance of innovation

At this moment, we are positioned in a fast-paced environment where technology is advancing and globalization is increasing. This means that distances only get shorter, and as a result, competition is increasing, customer expectations are more demanding, and disruptions in the economy are more likely to occur.

For a business or an organization to realize competitive advantages, it should be able to adapt to the changing trends and new generations. Innovations apply to management and organizations on all levels, sizes and operating in all industries.

Innovations create bigger opportunities and are critical for the survival, economic growth, and success of a company. Innovating helps develop original concepts and innovation is a driver of optimizing operations. Companies that innovate are able to set the organization in a different paradigm in order to identify new opportunities and best methods to solve current problems.

How to catalyze innovation

In order to realize innovation, leaders should be open-minded and collaborative. Feeling comfortable with uncertainty and being able to manage changes are behavioral components to innovate. Innovative leaders are curious and optimistic since they dare to take risks. No one knows where innovation will bring the organization or individual.

On the other hand, everyone is an innovator because the innovative ability is inherently present in all of us. Since we were born, we innovate by learning by doing. The pitfall is that schools have formatted us by providing us knowledge and have diminished our ability to innovate, while the ability to innovate is higher valued because innovation cannot be learned or taught. Our inherent capability for innovation and thinking out of the box can only be improved upon.

Innovation theories, methods & tips

However, multiple theories and applicable tools that support innovation have been established. What are the most well-known and widely used Innovation Management models and methods? What are their success stories and practical tips when you apply these? These posts are all about great tools and methods that can help you to achieve your goal or understand certain aspects that come with innovation.

Innovation Funnel

February 15th, 2022

Innovation Funnel: the Innovation Funnel is a mechanism that enables a constant stream of ideas that can be screened for viability. It’s a tool that helps companies and individuals to innovate successfully. This article provides a practical explanation of the…
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