Innovation
What's innovation
Innovation is commonly defined as the "carrying out of new combinations" that include "the introduction of new goods, ... new methods of production, ... the opening of new markets, ... the conquest of new sources of supply ... and the carrying out of a new organization of any industry"However, many scholars and governmental organizations have given their own definition of the concept.
Definition
The word “innovation” is derived from the Latin verb innovare, which means to renew. In essence, the word has retained its meaning up until today. Innovation means to improve or to replace something, for example, a process, a product, or a service. In the context of companies, however, the term needs a definition. In the complex context of business, a definition is needed.
What is the difference between innovation and invention?
The words innovation and invention overlap semantically but are really quite distinct.
Invention can refer to a type of musical composition, a falsehood, a discovery, or any product of the imagination. The sense of invention most likely to be confused with innovation is “a device, contrivance, or process originated after study and experiment,” usually something which has not previously been in existence.
Innovation, for its part, can refer to something new or to a change made to an existing product, idea, or field. One might say that the first telephone was an invention, the first cellular telephone either an invention or an innovation, and the first smartphone an innovation.
phases of innovation
The phases of an innovation, ie an innovation process, can be divided into four main steps:
1.Idea:collection of innovation potentials, derivation of ideas, evaluation and release of ideas.
2.Concept: Extensive analysis and derivation of concepts for the solution, implementation and marketing.
3.Solution: Development and testing of the solutions to the finished product.
4.Market: Arouse and fulfill a customer's needs by implementing in procurement, production and logistics as well as marketing and sales.
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