Free Course: What is Innovation?

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How do others define Innovation?

See how others define innovation. Try to spot similarities and differences.

The action or process of innovating. "Innovation is crucial to the continuing success of any organization". Synonyms: change, alteration, revolution, upheaval, transformation, metamorphosis, reorganization, restructuring, rearrangement, recasting, remodelling, renovation, restyling, variation; new measures, new methods, new devices, novelty, newness, unconventionality, modernization, modernism; a break with tradition, a shift of emphasis, a departure, a change of direction; informala shake up; informala shakedown; humoroustransmogrification. "They favoured the traditional approach and resisted innovation". A new method, idea, product, etc.

Google: define:innovation

Innovation is a new idea, or more-effective device or process. Innovation can be viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. This is accomplished through more-effective products, processes, services, technologies, or business models that are readily available to markets, governments and society. The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society.


We define business innovation as the creation of substantial new value for customers and the firm by creatively changing one or more dimensions of the business system.

MIT Sloan Management Review

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

Business Dictionary

A new method, idea, product, etc.

Oxford Dictionaries

A social innovation is a novel solution to a social problem that is more effective, efficient, sustainable, or just than current solutions. The value created accrues primarily to society rather than to private individuals.

Graduate School of Stanford Business: Center for Social Innovation


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