Innovation is the development of new values through solutions that meet new requirements, inarticulate needs, or old customer and market needs in value adding new ways.
This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments, and society.Innovation differs from invention in that innovation refers to the use of a better and, as a result, novel idea or method, whereas invention refers more directly to the creation of the idea or method itself. Innovation differs from improvement in that innovation refers to the notion of doing something different rather than doing the same thing better. Organizations can improve the quality of innovation through Kirton’s thinking style Adaption-Innovation Inventory and measure the effectiveness by applying a Balanced Scorecard as put forth by Kaplan and Norton.
