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The classic definitions of innovation include:

  1. the process of making changes to something established by introducing something new
  2. the act of introducing something new: something newly introduced (The American Heritage Dictionary).
  3. the introduction of something new. (Merriam-Webster Online)
  4. a new idea, method or device. (Merriam-Webster Online)
  5. the successful exploitation of new ideas (Dept of Trade and Industry, UK).
  6. change that creates a new dimension of performance Peter Drucker (Hesselbein, 2002)

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 or 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.

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The difference between innovation, invention and entrepreneurs: After all I [Jeffrey Phillips] read on the blog.. http://bit.ly/8OOPNj
InnovationDaily (Innovation America) Sat, 19 Dec 2009 05:55:38 -0000
The difference between innovation, invention and entrepreneurs: After all I [Jeffrey Phillips] read on the blog.. http://bit.ly/8OOPNj
@sdawara Innovation in their case was the process to produce and selling it. invention is not always = innovation.
vivekk (Vivek Khandelwal) Sat, 19 Dec 2009 04:27:08 -0000
@sdawara Innovation in their case was the process to produce and selling it. invention is not always = innovation.
@ideaDistillery I agree! I believe innovation happens at the intersection of invention and value
Brioneja (Jose A. Briones) Fri, 18 Dec 2009 14:41:45 -0000
@ideaDistillery I agree! I believe innovation happens at the intersection of invention and value
good! RT @mireia_juarez: We have to be careful about distinguishing between technological invention, and innovation http://bit.ly/7VGYPz
inno_me (Julio Pérez-Tomé) Fri, 18 Dec 2009 11:02:30 -0000
good! RT @mireia_juarez: We have to be careful about distinguishing between technological invention, and innovation http://bit.ly/7VGYPz
good! RT @mireia_juarez: We have to be careful about distinguishing between technological invention, and innovation http://bit.ly/7VGYPz
JulioPTR (Julio Pérez-Tomé) Fri, 18 Dec 2009 11:02:19 -0000
good! RT @mireia_juarez: We have to be careful about distinguishing between technological invention, and innovation http://bit.ly/7VGYPz
We have to be careful about distinguishing between technological invention, and innovation http://bit.ly/7VGYPz
mireia_juarez (mireia juárez ) Fri, 18 Dec 2009 10:58:44 -0000
We have to be careful about distinguishing between technological invention, and innovation http://bit.ly/7VGYPz

 
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