2021: Creating the Lexicon of Future

I is for Innovation

What is Innovation?

“Innovation is the creation, development and implementation of a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage.” ~ Dr Ken Hudson, What is the Best Definition of Innovation?

4 Types of Innovation

The four different types of innovation mentioned here — Incremental, Disruptive, Architectural and Radical — help illustrate the various ways that companies can innovate. There are more ways to innovate than these four.

5 Stages of the Innovation Process

Backed by an effective innovation process, managers can advocate for and help create what researchers in the Innovation: Management, Policy & Practice study call robust organizations. These companies “have found a recipe for sustainable innovation programs rather than mere spurts of innovation,” and the study defines specific stages that are most common to sustained, successful innovation. ~ 5 Stages of the Innovation Process

1. Idea Generation and Mobilization — New ideas are created during idea generation. Mobilization occurs when the idea is moved to a different physical or logical location, such as an outside firm or another department.

2. Advocacy and Screening — Not all ideas are worth implementing. Advocacy and screening help evaluate an idea and measure its potential benefits and problems. From there, a decision can be made about an…