Helping Leaders Understand the Concept of Innovation

One of the fundamental concepts leaders often get wrong is an understanding of what innovation is. Tim Kastelle provides a clear picture of what does, and doesn’t, constitute innovation.

Simply put, innovation is executing new ideas to create value. There are three parts of the definition: Everyone gets the “new idea” part of it. But it’s not enough to have a great idea – you also have to execute it. In addition, it’s only innovation if you’re creating value for people. All three conditions, which for m the foundation of the Innovation Value Chain, must be present in order for innovation to take place.

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