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Success in Innovation by Jan Verloop

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1

Insights in Innovation

1.1 What is innovation

Innovation does not mean the same thing to everybody. Many people confuse innovation with invention and think that both words stand for the same thing. Others equate innovation simply with creativity or entrepreneurship or ‘doing things better’. All these concepts are connected to innovation but do not represent the essence of innovation. Innovation is the process that develops an invention or a creative idea into a novel product and brings it to a user or customer, and that process is risky and needs an entrepreneur willing to take that risk. A practical, concise definition of innovation is:

‘Innovation is bringing an insightful idea successfully to the market.’

Besides being short, this definition ...

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