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.