Innovation of Business

and the
Business of Innovation™
 
Innovation - Invention

 

Basic Language of Innovation

Market Engineering Dictionary of Innovation and Marketing, Edition 22

Innovate: Define, design, develop, and launch a specific change initiative with compelling value for targeted stakeholders. Invent and commercialize. Develop and apply. Innovation is not complete until the initiative has made impact on a market.

Compare to Invent: Define, design, and develop something new. A step toward innovation.

Compare to Create: Bring something new into being, especially something requiring artistic or intellectual skill and inventiveness.

Innovation as Result: A valuable product not previously available that meets needs not previously met.

Compare to Invention: A potentially valuable product that might meet needs if introduced to a market.

Innovation as Process: Development of ideas into products in use, for the first time anywhere, that create compelling value for customers.

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