Innovation facts for kids
Innovation can be defined simply as a "new idea, device or method". However, innovation is often also viewed as the application of better solutions that meet new requirements, needs, or existing market needs. The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society. It is related to, but not the same as, invention, as innovation is more apt to involve the practical implementation of an invention (i.e. new/improved ability) to make a meaningful impact in the market or society, and not all innovations require an invention. Innovation is often manifested via the engineering process, when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.
While a novel device is often described as an innovation, in economics, management science, and other fields of practice and analysis, innovation is generally considered to be the result of a process that brings together various novel ideas in a way that they affect society. In industrial economics, innovations are created and found empirically from services to meet the growing consumer demand.
The classic definitions of innovation include:
- the introduction of something new. (Merriam-Webster Online)
- a new idea, method or device. (Merriam-Webster Online)
- the successful exploitation of new ideas (Department of Trade and Industry, UK).
- 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 unimportant 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.
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