Innovation is about putting a new idea or approach into action.
Innovation is commonly described as 'the commercially successful exploitation of ideas'.
Successful innovation is mainly about creating or adding value. It does so either by:
However, both kinds of innovation require a business to:
Innovation can come in many forms:
Whatever form it takes, innovation is a creative process. The ideas may come from:
Inside the business – e.g. from employees, in-house designers, sales staff
Outside the business, e.g. suppliers, customers, media reports, market research insights or from contacts at local universities or other research organisations
Successful innovation comes from filtering those ideas, identifying those that the business will focus on and applying resources to exploit them.