InnovationWhat is innovation and how does it apply to business? According to BusinessDictionary (2010), innovation is the process of applying ideas, imagination and initiative to create new products. Innovation is typically geared to a specific product that will fill a customer 's need and provide measurable results on the business ' performance. Today innovation has taken over a previous term once known as "new product development" (Stamm, 2003). There are different categories and levels to innovation and the common categories are product innovation and process innovation. Product innovation is the product that is offered by the company and process innovation is the process of creating the product and how it is distributed to the target audience. Bettina von Stamm (2003) defines innovation as "a frame of mind. It is the art of making new connections and continuously challenging the status quo without changing things for change 's sake." Innovation is the result of creativity and implementation.
Creativity and ImplementationCreativity is defined as "a mental characteristic that allows a person to think outside of the box which results in innovative or different approaches to a particular task" (BusinessDictionary, 2010). Creativity is an individual act that may be encouraged, trained, and fine tuned; however, it cannot be forced. "Implementation - putting ideas into practice - is made up of three
References: owe, A. (2004). What can we learn from creative individuals. Creative Intelligence: Discovering Innovative Potential in Ourselves and Other, chapter 3. Retrieved on January 17, 2010, from University of Phoenix week 1 eRourse at https://ecampus.phoenix.edu/content/eBookLibrary2/content/eReader.aspxStamm, B. (2003). What are Innovation, Creativity and Design. Managing Innovation, Design and Creativity, chapter 1. Retrieved on January 17, 2010, from University of Phoenix week 1 eRsource at https://ecampus.phoenix.edu/content/eBookLibrary2/content/eReader.aspxBusinessDictionary. (2010). Definitions: innovation, creativity. Retrieved January 17, 2010, from http://www.businessdictionary.com