Innovation simply means a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations.
A distinction is typically made between invention, an idea made manifest, and innovation, ideas applied successfully. In many fields, something new must be substantially different to be innovative, not an insignificant change, e.g., in the arts, economics, business and government policy.
In economics the change must increase value, customer value, or producer value. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.
Innovation as a behavior
Some in depth work on innovation in organisations, teams and individuals has been carried out by J. L. Byrd[1], PhD who is co-author of "The Innovation Equation." Dr Jacqueline Byrd is the brain behind the Creatrix Inventory which can be used to look at innovation and what is behind it. The Innovation Equation she developed is:
Innovation = Creativity * Risk Taking
Quotes on Innovation
"Pure innovation is more gross than error." - George Chapman
"The INNOVATION point is the pivotal moment when talented and motivated people seek the opportunity to act on their ideas and dreams." -W. Arthur Porter
"Great innovations should not be forced on slender majorities." - Thomas Jefferson
"Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations." - Steve Jobs
"An important scientific innovation rarely makes its way by gradually winning over and converting its opponents. What does happen is that its opponents gradually die out, and that the growing generation is familiarized with the ideas from the beginning." - Max Planck
http://en.wikipedia.org/wiki/Innovation
http://www.answers.com/innovation
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