Let’s take a look at a few innovation definitions, and what those definitions imply.
Innovation is “a new idea, device, or method.” - Merriam Webster
This concept of innovation asserts that the introduction of a new product or process equals innovation. But does the true definition of innovation stop here? Novelty may be the main ingredient for innovation but it is not the entire recipe. An expanded view of innovation focuses on the user’s perception of new products/services as the marker for innovation success. A dazzling product that holds no value for its audience is not innovative — it’s distractive.
[Innovation is] a mindset in your business; your employees are always focused on continuous improvement and constantly thinking outside of the box” – BDC
In this definition, innovation is defined in terms of a company’s ability to cultivate the inventiveness of their employee base. Those that equate innovation to novelty might employ innovation programs as a means to an end. A mindset approach, however, encourages employees to stay curiously creative and posits that what begins in the mind will organically manifest into cutting-edge products and services.
“Innovation means changing processes or creating more effective processes, products and ideas.” – Australian Government
For some, true innovation is the magic of refining business processes. Innovative business processes even on the highest level can trickle down to the customer with radical shifts in service capacity, convenience, and overall value.
“Innovation is the key to competitive advantage for your business.” – Australian Government
Defining innovation in terms of the competition focuses major attention toward being on par with or superior to others in the same industry. Here, innovation becomes a tool in the battle to stay on top. This outlook has the potential to stunt business growth because even if the competition serves a similar audience, their customer base is not an exact replica. Attempts at innovation by comparison — without your specific customer in mind — may miss the mark.
[Innovation is] responding to change in a creative way.” – BDC
This definition of innovation can be thought of as a two-way conversation with the market. It requires an intimate knowledge of your customer base as well as a solid infrastructure to respond your market’s fluctuations. Innovation can be thought of in terms of a company’s pliancy with their offerings — how well they can respond to real-time demands of customers’ ever-changing needs.
In other words, innovation is a creative solution that turns pain points into non-factors. The change could be to a process or product, and the idea could originate from your employee base, customers, or experts in your field. Since change is inevitable, companies should infuse innovation into their company culture and set up proper tools to manage their bounty of ideas.
If you want to see our personal stash of favorite innovation definitions, download IdeaScale’s infographic here.
Rob Hoehn is the co-founder and CEO of IdeaScale: the largest open innovation software platform in the world. Hoehn launched crowdsourcing software as part of the open government initiative and IdeaScale’s robust portfolio now includes many other industry notables, such as EA Sports, NBC, NASA, Xerox and many others. Prior to IdeaScale, Hoehn was Vice President of Client Services at Survey Analytics.