The theory & concept of innovation

Theory of innovation:

It is the process of translating an idea or invention into a good or service that creates value or for which customers will pay.

There are many different theories of innovation: breakthrough, incremental, open source to name but a few. There are arguments stating innovations have to be disruptive to qualify; others argue that any change—as long as it is measurable—qualifies as innovation. Some people want innovations to be open and available to all as a means of challenging even more growth and ingenuity; others believe that new discoveries and paths need to be developed privately and secretly.

Trott (1998) a recognized authority on innovation quotes the following definition of innovation:
“Innovation is not a single action but a total process of interrelated sub processes. It is not just the conception of a new idea, nor the invention of a new device, nor the development of a new market. The process is all these things acting in an integrated fashion.”

Innovation is the specific function of entrap entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen.

Concept of innovation:

sources: http://www.youtube.com/watch?v=5Uh1KxcpWz0

Innovation is the production or implementation of an idea. Innovation is the engine that drives transformation. it result in an improvement, a gain or a profit. 

An invention is useful only to the inventor unless it is offered to the public, however niche that public may be. If the invention improves some product, process or service for the public, then that invention transforms into an innovation.

An innovation can be big or small. Brand-new or just a bit different, it doesn't matter. An innovation can be clearly complex or seemingly simple. Innovations are often thought of in terms of technical achievement, but can also be a design. The type, industry and style of innovation are irrelevant; an innovation's impact determines its qualification.

Nowadays, the nature of innovation has changed from what it was in the past. It is no more individuals toiling in a laboratory, coming up with some great invention. It is multidisciplinary, global and collaboration

Sources of innovation


the four sources of opportunities within a company for innovation:

1. Unexpected occurrences include successes and failures  can be improved for innovation.

2. Incongruities provide opportunities that innovation should solve the incongruities.

3. In order to smooth and with a minimum of accidents, exploited a process need

4. When marketing or industries structure change or grows quickly, innovation is a to match the     situation.

three sources of opportunities outside a company for innovation:

1. The innovation opportunities made possible by changes in the numbers of people and in their age distribution, education, occupations and geographic location.

2. A change in perception does not alter fact. It change their meaning, though and very quickly. It can be exploited for innovation opportunities.

3. Knowledge-base innovations can be temperamental, capricious, and hard to direct. Innovation requires knowledge, ingenuity, and above all else, focus.