What is Innovation?

Innovation is often defined as “the carrying out of different combinations of technologies which involve the introduction of new products, … new ways of manufacturing, … the opening up of new markets, … the development of new applications and the creation of new business opportunities”. However there are many definitions for innovation and each definition will differ slightly. For example some see innovation as being the invention of a new product, while others see it as the improvement of an existing product. But there is one common definition which encompasses all the other definitions, and that is the definition of innovation as “creating something from nothing”. This definition of innovation is widely accepted by all those who study technology, because it is based on the observation that without the invention or improvement of something, no matter how simple or complicated, there can be no improvement in that thing.

A lot of people describe innovation in different terms. They may say it is the introduction of a new process or they may say it is the development of a new product. However if we look at the definition of innovation, we see that it has to do with new combinations of technologies, new forms of making a product and the creation of a new business. For example, if an inventor was able to develop a new process for the manufacture of paper, it would have made the paper industry more efficient and the new processes would have made it cheaper to produce paper. The same goes for an inventor who created a new computer chip that makes the computer chip industry more efficient.

The invention of a new method of making a product means that the old method is no longer available. However a change in the manufacturing process of that product means that the old method no longer works. If we take an example of manufacturing paper by hand, we can see that the manufacturing process was changed. Therefore the process of making paper is no longer the same, thus making it possible to produce paper using a new process.

This example illustrates the idea of innovation as being a process in which a new form of manufacturing a product or a new method of making it is introduced into the market. In addition to the development of a new process or method of manufacturing a product, we also have the development of a new business or a new customer base. In this case the process or method or business is called innovation.

Successful entrepreneurs will always be innovators. They will never be satisfied with the status quo and they will always want to explore new methods for making their business better and more efficient. They will not only introduce new products, but they will also try to develop new markets by making their existing products better or by developing new products that will make them more profitable.

When people ask what is innovation, they will not be getting an answer to what is innovation, but instead they will get a question as to what they should look for when trying to define innovation. For example, in order to get an answer to the question about what is innovation, you need to have a clear picture of what the definition of innovation is. Without an answer to this question, it is difficult to define innovation because everyone has a slightly different idea of what innovation is. Therefore you need to have a clear definition of what innovation is so that you can come up with an exact definition that covers the whole spectrum of what innovation is.

This content is contributed by Guestomatic

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