What is Innovation?
Posted on January 15, 2008
Filed Under Gregg Gallagher, Innovation |
In the old days, we would normally begin to answer this question by consulting our dictionary - nowadays, we have all the resources of the net available to us, one of the more useful ones being wikipedias, a collaborative (“open source”) approach to encyclopedias.
The wikipedia on innovation lists a number of definitions (derived from various sources)relating to the term innovation: 1. the process of making improvements by introducing something new 2. the act of introducing something new: something newly introduced 3. the introduction of something new. 4. a new idea, method or device. 5. the successful exploitation of new ideas). 6. change that creates a new dimension of performance 7. the creative force of humankind that allows the progress of the world to advance A little further down in the wikipedia entry, the authors elaborate on the term, specifically as it relates to the economic/business realm:
In economics, business and government policy,- something new - must be substantially different, not an insignificant change. In economics the change must increase value, customer value, or producer value.
Carlson & Wilmot, in their book Innovation: The Five Disciplines for Creating What Customers Want, elegantly refine this with the concise definition:
Innovation is the process of creating and delivering new customer value in the marketplace.
I resonate strongly with this definition. In my next posting, I will elaborate on my own views which I call Quantum Innovation.
Gregg Gallagher
Director, Strategic Marketing & Innovation Practice
Quantum Leaders, Inc.
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