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Defining Innovation

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Innovation can be defined as the creation of value from ideas. This value can be commercial profit or social value, or it can be an innovation that streamlines a system or makes a process easier or more efficient.

For more information visit: https://www.ahmeddahab.org/the-four-categories-defining-modern-innovation

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Defining Innovation

  1. 1. Ahmed Dahab Business DEFINING INNOVATION The four types of innovation
  2. 2. Ahmed Dahab Defining Innovation Innovation can be defined as the creation of value from ideas. This value can be commercial profit or social value, or it can be an innovation that streamlines a system or makes a process easi- er or more efficient. Ideation Innovation is often confused with ideation. While all innova- tion starts with an idea, it only becomes innovative once it be- gins to create value. It can take a long time to get from the point of having a potentially innova- tive idea, to realising that idea to create value. Open Innovation Open innovation refers to the process of collaborating with others to build the neces- sary links to get an idea off the ground. Innovators need to lis- ten to the market, to end users, to other stakeholders, and even to their competition. Innovation Portfolios Smaller companies can often find success by running with one good idea. Larger compa- nies, however, may need to have an innovation portfolio. This in- volves having a mixture of ideas, some of which are relatively safe and some of which are riskier but have the potential to expand the horizons of the company.
  3. 3. Ahmed Dahab Smaller companies can often find success by running with one good idea. Larger companies, however, may need to have an innovation portfolio.
  4. 4. You can find out more about the four key types of innovation by visiting the blog of Ahmed Dahab.

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