Innovation and Innovation Management – ‘The Must-Knows’


Everybody in business and politics knows that innovation is vitally important, yet companies still struggle to innovate on a continual basis. One of the reasons for this is that there is considerable confusion about what innovation is (its definition); the vocabulary of innovation; and innovation’s associated constructs. The following facts about innovation help reduce some of this confusion:

  • innovation is the profitable implementation of ideas
  • innovation is a multi-dimensional construct.
  • an innovation can be described by type (process, product, service, business model, value, market, brand, price, channel etc.).
  • and degree (incremental, semi-radical, radical, transformational etc.).
  • an innovation can be described as a user innovation (the developer benefits by using it) or
  • a manufacturer innovation (the developer benefits by selling it to a market).
  • a definition will emphasize a particular unit of analysis (e.g. task, project, individual, group, SBU, firm, region, or nation).
  • a definition can, therefore, take a broad or narrow perspective.
  • a definition can take a supply- or demand-side view.
  • viewing innovation as either product or process, while useful, is overly simplistic.
  • a sustaining innovation can be radical or incremental.
  • a disruptive innovation, by contrast, emphasizes a dimension of a product that incumbent firms’ most profitable customers don’t especially value.
  • the same author may use a number of different definitions, depending on which dimension is being discussed.
  • innovation can also be viewed as attitude: “There must be a better way.”

Understand the above and you will be well on your way to understanding innovation and making it happen at your own organization.

About the author

Citystudio Bucuresti

Add comment

Contact us


Monday—Friday: 9:00AM–5:00PM
Saturday & Sunday: 11:00AM–3:00PM

About us

Citystudio Bucuresti is your innovation hub destined to increase your intellectual capacity