Innovation Definition – The Four Requirements For Innovation


Innovation is the lifeblood of any organization. It is therefore important that we have a good working definition of innovation. Innovation can mean many things. It is usually the term used for a new product, but it can also be used to describe the new procedures, techniques or inventions

here are four essential ingredients to the definition of innovation :.

1. Something New

Everybody likes something new. How many ads have you seen the words “new and improved”? We all want the latest and greatest products and ways of doing things. Innovations, however, is just the beginning.

2. It’s better than what already exists

New for the sake of being new is of little value. There will also be improved. New and improved toothpaste will have new , which increases the perceived value. New office procedures will actually do something better than the old way.

3. economically viable

Is it or save money? If it does not then it should not be implemented. If new and improved toothpaste makes more sales which in turn makes more profits, it is a profitable website. If new office your method improves the efficiency of work and it saves labor costs, makes the organization profitable.

4. Widespread Appeal

All the first three factors are very important and even involved. However, it needs to be a basic appeal to new innovation. If not it will not sell. If new and better toothpaste is licorice flavored, you could have a very limited appeal. It is new and improved. Licorice can even be cheaper trick to implement all the others. If no one wants it, then it is not true innovation.

The same would apply to the office change. if it requires action of the office does, then it is doomed from the start.


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