Blog Post #9 Final Glossary of Terms and Reflection on the Evolution of Defintio
Blog Post #9 Final Glossary of Terms and Reflection on the Evolution of Defintions
Definition of Innovation
A simple definition of innovation is, “It starts with an idea, addresses a market need and creates value.” (BDC.ca, 2024).
Justification.
Some people think creativity and innovation are synonyms; however, reflecting on the discussion post on creativity, it was defined as coming up with a new idea. Innovation is taking this idea, solving customer pain points, and creating value by implementing and executing that idea. Badran (2007) supports this definition of innovation as adding something new to an existing product or process. From a business perspective, Drucker (2002) defines innovation as the specific function of entrepreneurship and how there is the creation of new wealth-producing resources or endowing existing resources with enhanced potential for creating wealth.
There are a few common themes around creating value, meeting market needs, creating new resources or enhancing existing ones. One difference is that BDC.ca’s (2024) and Badran’s (2007) definitions focus on meeting, adding value, and creating value, while Drucker’s (2002) includes a focus on the role of entrepreneurship and the creation of wealth.
“Innovation is 1% inspiration and 99% perspiration.” Thomas Edison
This view captures some of the key points discussed in literature around value creation and implementation, which can be contextual.
How has this definition changed?
While the definition of Innovation still resonates with me, there are discussion points to consider behind the words without necessarily changing my definition.
I appreciated the reply to my discussion post on innovation that challenged the definition and keywords such as “addresses a market need.” how would I define a “market”? The role of innovation in addressing a market need arises from identifying unmet needs or opportunities within a market. By understanding what customers (customers of education, for example) require, innovators can create solutions that add value. Innovation succeeds when market demand is met. The market provides feedback on the effectiveness of the innovation and if it creates a perceived value for the customer. From a business perspective, innovation is separated into different types.
Figure 1: 4 Types of Innovation
(Satell, 2017).
Taking a holistic view, innovation transforms ideas into tangible outcomes, resulting in tools, products or services that solve problems or offer other perceived value and advantages. Taking a holistic view
References
Badran, I. (2007). Enhancing creativity and innovation in engineering education. European Journal of Engineering Education, 32(5), 573–585.https://doi-org.proxy.queensu.ca/10.1080/03043790701433061
BDC.ca, (January 2024). What is innovation? Retrieved from https://www.bdc.ca/en/articles-tools/business-strategy- planning/innovate/what-is-innovation
Drucker, P. F. (2002). The discipline of innovation. In Harvard Business Review (Vol. 80,