What is Innovation?
Definition: Innovation is the implementation of a need driven invention that adds value for end users
Invention vs. Innovation: invention transfers investment and effort to knowledge in the form of a new idea. Innovation transfers knowledge in the form of an idea to economical and/or social value.
Innovation Eco-systems: a system consists of elements that are necessary for the success of innovation, and directly or indirectly influence its outcome. These elements could be actors, assets, linkages, processes, policy, culture,..
A healthy Innovation ecosystem is one that allows need driven ideas to move through the system resulting in a commercial reality delivering value to the end user. Such a system consists of all required elements performing their functions efficiently. IF one or more required elements are missing or not performing efficiently, the system is unhealthy. In an unhealthy system, the weakest link is the bottleneck of the innovation process. Therefore Innovation capacity of an ecosystem is only as good as the weakest link within the ecosystem.
- Need Driven invention is an invention based on end user need (worries or wishes of a customer) for a new or significantly improved product (goods and services), process, marketing approach, organization method, business model, internal/external relations,..
- Adds value for the end user: value could be in the form of economical and/or social benefits (quality of life and welfare, environment, ..)
- End User: Individual and/or a community that utilize the output of innovation
Invention vs. Innovation: invention transfers investment and effort to knowledge in the form of a new idea. Innovation transfers knowledge in the form of an idea to economical and/or social value.
Innovation Eco-systems: a system consists of elements that are necessary for the success of innovation, and directly or indirectly influence its outcome. These elements could be actors, assets, linkages, processes, policy, culture,..
- Actors engage in innovation activities and have linkages with other actors. Examples of key actors are: Knowledge-generating Instituations, researchers, Innovation intermediaries( research network,innovation park, business incubators,...), Governments,Consumers & Society and companies.
- These actors operating within a complex environmentthat include financial,human and social capital, policies and consumer demands.
- Assets refer to capital assets such as investment, equipment, instruments, buildings and social &human capital.
- Linkages are interactions between actors, organizations, communities,.. Examples of linkages are: partnerships, collaborations,...
- Processes can include: HR/financial processes and management approaches, collaboration methods, work processes,..
- Policy refers to the rules and regulations (from within or outside of the ecosystem) that influence the innovation outcome.
- Culture is a highly influential factor. Examples of culture within the innovation ecosystem include: competitive intensity, end user focus, results driven, continuous learning; and, at the national level consist of risk averseness, competitiveness, society embracing innovation, innovativeness,..
A healthy Innovation ecosystem is one that allows need driven ideas to move through the system resulting in a commercial reality delivering value to the end user. Such a system consists of all required elements performing their functions efficiently. IF one or more required elements are missing or not performing efficiently, the system is unhealthy. In an unhealthy system, the weakest link is the bottleneck of the innovation process. Therefore Innovation capacity of an ecosystem is only as good as the weakest link within the ecosystem.
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