Definition
Innovation is the implementation of a new or significantly improved product, service, process, organisational model or solution that creates measurable value for an organisation or its environment.
Human Explanation
Innovation is more than an idea. It emerges when a new solution is successfully put into practice.
Why it Matters
Innovation enables organisations to improve competitiveness and efficiency and to create new value for customers and Stakeholders.
Conceptual Boundary
Not every Change is an Innovation. The solution should create real value or a significant improvement.
Practical Perspective
Innovation may be technological, organisational, process-based, commercial or social and is often supported by Innovation Funding and Research and Development.