INNOVATION

The classic definitions of innovation include:

• The process of making improvements by introducing something new
• The act of introducing something new: something newly introduced (The American Heritage Dictionary).
• The introduction of something new. (Merriam-Webster Online)
• A new idea, method or device. (Merriam-Webster Online)
• The successful exploitation of new ideas (Department of Trade and Industry, UK).
• Change that creates a new dimension of performance Peter Drucker (Hesselbein, 2002)
• A creative idea that is realized [(Frans Johansson)] (Harvard Business School Press, 2004)

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. Innovations are intended to make someone better off, and the succession of many innovations grows the whole economy.

The term innovation may refer to both radical and incremental changes to products, processes or services. The often unspoken goal of innovation is to solve a problem. Innovation is an important topic in the study of economics, business, technology, sociology, and engineering. Since innovation is also considered a major driver of the economy, the factors that lead to innovation are also considered to be critical to policy makers.

In the organizational context, innovation may be linked to performance and growth through improvements in efficiency, productivity, quality, competitive positioning, market share, etc. All organizations can innovate, including for example hospitals, universities, and local governments.

While innovation typically adds value, innovation may also have a negative or destructive effect as new developments clear away or change old organizational forms and practices. Organizations that do not innovate effectively may be destroyed by those that do.

Innovation Management

Innovation management is the process of managing innovations (e.g. ideas) in organizations.

nnovation managementis focused on the systematic processes that organizations use to develop new and improved products, services and business processes. It involves harnessing the creative ideas of an organization's employees and utilizing it to bring a steady pipeline of profitable new innovations to the marketplace, quickly and efficiently. Innovation management gives managers insights into introducing innovation within their organizations and accelerating the development of creative performance in their staff.

A growing number of business leaders and entrepreneurs are recognizing that innovation must be embedded into the very heart of a company's operations and culture, a part of normal, day-to-day operations. In fact, innovation may be one of the only sources for sustainable competitive advantage and enduring success in today's fast-changing business world. This collection of games explores corporate innovation issues, trends and strategies, including topics such as using innovation as an engine for business growth, strategies for generating and managing business ideas, and innovation best practices