Innovation

For other uses, see Innovation (disambiguation) and Innovators (disambiguation).

Thomas Edison with phonograph in the late 1870s. Edison was one of the most prolific inventors in history, holding 1,093 U.S. patents in his name.

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.[1] ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing value".[2] Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.

Innovation often takes place through the development of more-effective products, processes, services, technologies, art works[3] or business models that innovators make available to markets, governments and society.

Innovation is related to, but not the same as, invention:[4] innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society,[5] and not all innovations require a new invention.[6]

Technical innovation often manifests itself via the engineering process when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.

  1. ^ Schumpeter, Joseph A., 1883–1950 (1983). The theory of economic development: an inquiry into profits, capital, credit, interest, and the business cycle. Opie, Redvers,, Elliott, John E. New Brunswick, New Jersey. ISBN 0-87855-698-2. OCLC 8493721.{{cite book}}: CS1 maint: location missing publisher (link) CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  2. ^ "ISO 56000:2020(en)Innovation management — Fundamentals and vocabulary". ISO. 2020.
  3. ^ Lijster, Thijs, ed. (2018). The Future of the New: Artistic Innovation in Times of Social Acceleration. Arts in society. Valiz. ISBN 978-94-92095-58-9. Retrieved 10 September 2020.
  4. ^ Bhasin, Kim (2 April 2012). "This Is The Difference Between 'Invention' And 'Innovation'". Business Insider.
  5. ^ "What's the Difference Between Invention and Innovation?", Forbes, 10 September 2015
  6. ^ Schumpeter, Joseph Alois (1939). Business Cycles. Vol. 1. p. 84. Innovation is possible without anything we should identify as invention, and invention does not necessarily induce innovation.