But What is Innovation?

Each researcher tends to define innovation often based on his/her perspective of what is the most important aspect of innovation. Hence according to authors Tidd et al (1997), innovation is: "A process of turning opportunity into new ideas and of putting these into widely used practice. Whereas for Cumming (1998), “the emphasis is on originality, when he defined innovation as: "The first successful application of a product or process"
Rogers (1962): defined and characterised innovation from the user perspective, presenting five criteria for user based innovation:

·         Sarkar, S (2007). Innovation,market archetypes & outcome. Portugal: Physica Verlag. p. 6

Relative advantage: Do people think it is an improvement over what already exists?
Compatibility: Is it consistent with the values, experiences and needs of the people who might adopt it?
Complexity: Will potential users find it easy to use and understand?
Trialability: Can people experiment with the innovation before deciding to adopt it?
Observability: How easy is it for people to see its results?

Meanwhile Wikipedia, the brilliant example of what is now termed to be open source innovation, defines innovation as:
"The process of making improvements by introducing something new; a new idea, method or device; change that creates a new dimension of performance."

From my personal point of view the definition found on the business dictionary website, can give a better insight on what innovation is, it defines innovation as the process by which an idea or invention is translated into a good or service for which people will pay, or something that results from this process. It is further explained that for an innovation to be called an innovation the idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination, and initiative in deriving greater or different value from resources, and encompasses all processes by which new ideas are generated and converted into useful products. In business, innovation often results from the application of a scientific or technical idea in decreasing the gap between the needs or expectations of the customers and the performance of a company's products. In a social context, innovation is equally important in devising new collaborative methods such as alliance creation, joint venturing, flexible working hours, and in creating buyers' purchasing power through methods such as layaway plans.

• Luthra, V. (2007). Innovation. Available: businessdictionary.com/definition/innovation. Last accessed 20th Nov 2011.

Rogers & Shoemaker, (1972) cited by Trott, P (2006: p.14) explain that it is very important to not confuse innovation with invention; it is true that they are closely related hence it is essential to establish clear meanings for them. To summarise do not think of innovation as a single action, but a total process of interrelated sub-processes. It is not just the conception of a new idea, or the invention of a new device but all these things acting in an integrated fashion.