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What does innovation mean? Innovation can refer to something new, such as an invention, or the practice of developing and introducing new things. An innovation is often a new product, but it can also be a new way of doing something or even a new way of thinking.
Innovation is production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and the establishment of new management systems. It is both a process and an outcome.
Mar 16, 2024 · But what does innovation truly mean? At its core, the definition of innovation involves the introduction of something new or the significant improvement of existing products, processes, services, or technologies.
Dec 13, 2023 · Innovation is a dynamic and multifaceted concept that encapsulates the process of introducing novel ideas, methods, products, or services to create positive change and enhance value.
- Overview
- Scientific innovation
innovation, the creation of a new way of doing something, whether the enterprise is concrete (e.g., the development of a new product) or abstract (e.g., the development of a new philosophy or theoretical approach to a problem). Innovation plays a key role in the development of sustainable methods of both production and living because in both cases it may be necessary to create alternatives to conventional ways of doing things that were developed before environmental consideration was central to most people’s framework for making decisions.
Because innovation plays a central role in business success as well as in scientific progress, considerable research has focused on specifying the working conditions that are likely to produce useful innovations. In general, scholars have noted that the best model for producing useful knowledge about the empirical world (i.e., knowledge based on observation and experimentation rather than theory or belief) is to foster the work of many relatively autonomous specialists whose work is judged by its merits rather than its conformity to pre-existing beliefs or traditional ways of doing things. This reflects the attitude that enables the creation of modern scientific practice, an attitude that may be traced back to 17th-century Europe.
In The Structure of Scientific Revolutions (1962), American philosopher and historian Thomas Kuhn made a distinction between what he called normal science and episodes of scientific revolution. He defined normal science as the process of solving puzzles within the paradigms currently established for one’s particular science. For instance, in astronomy, it was believed for centuries that the planets orbited around the Earth (the geocentric model) and complex models and calculations were developed to try to explain the observed movements of the planets within this model. In contrast, scientific revolutions involve challenging or changing the dominant paradigms, as Polish astronomer Nicolaus Copernicus did when he proposed a heliocentric universe in which the Earth as well as the other planets orbited around the sun. Most science in any time period is normal science, with people working within an existing framework that includes methods, assumptions about nature, symbolic generations, and paradigmatic experiments. Even observations that do not seem to fit the existing paradigm will be explained within it (as planetary motion was for centuries in the geocentric model) or ignored as anomalies. At some point, however, the contradictions and anomalies may become too obvious and trigger a scientific revolution, as happened in the 16th century in Europe (notably not recognized by a powerful social institution, the Catholic Church, until centuries later).
Most scientists and technical employees today are analogous to normal scientists, working to discover practical applications or to illuminate small areas of knowledge within a given scientific model. For instance, many scientists in the United States are employees of corporations, government agencies, and so on, and are expected to work within accepted models rather than challenge them. This leads to conflict between the scientist’s desire for autonomy and the organization’s desire for practical results, and can stifle innovation that could lead ultimately to greater breakthroughs. One way this problem is dealt with is to have people specialize in either basic or applied science, with different evaluative criteria for each, and to have part of an organization’s budget reserved for basic research that may challenge the existing paradigm rather than work within it.
Another conflict for scientists and technical employees, particularly those working in for-profit companies, is their desire to communicate their discoveries to others versus their employers’ desire to keep such discoveries confidential in order to protect their profitability. Patent law is intended to allow both desires to be met. The purpose of the patent system is to stimulate scientific and technical invention by reserving the right to profit from a discovery for a period of years to the patent holder (which may be an individual or organization such as a company or university) while also making the information from the discovery public so that others may learn from it. The patent holder may sell or license the right for others to use his or her discoveries and collect fees from them.
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Mar 18, 2016 · The ultimate definition of innovation. Executing an idea which addresses a specific challenge and achieves value for both the company and customer. So there you have it. The ultimate innovation definition, put together based on the analysis of some of the world’s greatest innovation thought leaders.
Today long-term success rests on two pillars: Creativity and Society. Creativity drives companies to identify unmet needs and to fulfil them in truly innovative ways. Society rewards those companies that today create economic value that is inclusive and sustainable.
