July 15, 2024
Innovation Definition – The Four Requirements For Innovation

Innovation is the lifeblood of any organization. It is therefore important that we have a good working innovation definition. Innovation can apply to many things. It is usually the term applied to a new product, but it can also be used to describe new processes, methods or inventions.

Here are four essential ingredients to a definition of innovation:

1. Something New

Everyone likes something new. How many advertisements have you seen that use the words “new and improved”? We all want the latest and greatest products and ways of doing things. Newness, however, is just the beginning.

2. Better Than What Exists

New for the sake of being new is of little value. It must also be improved. A new and improved toothpaste must have a new that increases its perceived value. A new office procedure must actually do something better than the old way.

3. Economically Viable

Does it make or save money? If it doesn’t then it shouldn’t be implemented. If the new and improved toothpaste makes more sales that in turn makes more profits, it is a profitable addition. If your new office procedure improves the efficiency of the work place and therefore saves labor costs, it makes the organization more profitable.

4. Widespread Appeal

All the first 3 elements are very important and even related to this one. However, there needs to be a basic appeal to the new innovation. If not it won’t sell. If your new and improved toothpaste is licorice flavored, then it might have very limited appeal. It is new and improved. Licorice may even be a cheaper flavor to implement that any others. If nobody wants it, then it is not a true innovation.

The same would apply to your office change. if it requires an action that no one in the office likes, then it is doomed from the start.