What is Innovation?

Estimated reading time: 1-2 minutes. What is the difference between innovation, idea, invention and improvement? What is innovation? They are often used a little sleepy, and depending on who you are talking to, different words fit better. Innovation has in some circles almost become a clever, a word of words, which everyone wants to say, talk about, but who actually is in control. Even less innovation leadership, ie innovation management.


What is Innovation?


Definition of an innovation?

There are many definitions, and some can be found here:


We are pleased to say that an innovation is an idea or enhancement proposal that is different or unique and comes into use, which anyone values and / or is willing to pay for.


What is innovation, and is it so important how to define it?

Is not an idea without a user an invention. An invention with users who value or want to pay for is an innovation? What you may start to understand is that innovation is a post-definition of an action / implementation. That is, the consequence of an idea being implemented and beneficial. How to define it is of less importance, as long as I speak the same language, I feel firmly convinced that strategic work with its innovative ability is the top priority for a company. One who has a lot of knowledge and opinions about innovation is our CEO Joakim, who succeeded in establishing a company with the reason to help companies with innovation.


Different types of innovation

What is also worth pointing out is that innovations can take place in many different ways, in different areas. It’s common to talk about:

  1. Product innovation
  2. Process innovation
  3. Marketing innovation
  4. Organization innovation or business model innovation
  5. Technological innovation


“When you think of innovation, do you think about all these five types?”


To bring you:

  • What kind of innovation tickles most for you in terms of your experience and skills? (based on your preferences)
    What would your organization or company benefit most from, process or maybe an organization innovation or something else?
    (based on your needs)


Next time we discuss if Innovation Managers are really needed?

Mer från InventiveBoard

Success and failure of innovation

Approximate reading time: 3-5 min. Why does not everybody innovate? It is widely recognized that innovation is key to the economic performance of firms. If nonetheless many firms do not dare to innovate, this has to do with several types of risks and uncertainties that lead to high…

Läs mer

Valuation of management control systems in start-up companies

Approximate reading time: 3-4 min. One study investigated the valuation of management control systems (MCS) in start-up companies. The researchers examined an international selection of start-ups, including details of their implemented MCS and corporate financial history.   Results in the study The researchers found that higher…

Läs mer