What Is Innovation – From Definition to Practice

What Is Innovation – From Definition to Practice

The article starts by defining innovation, which is the introduction of something new deemed valuable. However, there is no clear consensus on what exactly counts as an innovation. The article suggests that it's best to keep the definition of innovation accommodating since it is such a subjective term. When discussing innovation, it's important to ensure that everyone is on the same page regarding the terminology used. The article suggests starting by discussing ideas, improvements, or new businesses instead of innovation. The article cites favorite quotes on innovation, which show that it involves putting existing knowledge together to create something novel. Innovation takes hard work and persistence since new ideas are usually resisted. The article clears up common misconceptions about innovation, such as it being a process exclusive to startups or requiring breakthrough technological inventions. Lastly, the article presents successful examples of innovation, such as the subscription business model, seasonal crop rotation, and Ritz-Carlton's $2,000 rule.

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An image of three interlocking circles, each symbolizing a sustainability aspect.

The Triple Bottom Line Framework

Businesses cannot thrive with only one bottom line – profit. The UN Global Compact report highlights the importance of businesses’ impact on People and the Planet. The triple bottom line framework examines an organization’s social, environmental, and economic impact to form a holistic view of sustainability.

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Individual Creativity vs. Organizational Creativity (Updated)

Individual Creativity vs. Organizational Creativity (Updated)

Organizational and individual creativity are different but connected. To improve organizational creativity, companies must focus on the right people, environment, and idea management processes.

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10 Lessons on Innovation from the Research Kitchen of the Famous elBulli Restaurant

10 Lessons on Innovation from the Research Kitchen of the Famous elBulli Restaurant

Famous chef Ferran Adrià discussed the importance of auditing creativity and change constantly in innovation. He provided 10 lessons on innovation and the creativity process.

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