The document defines innovation as the process of renewing and updating a domain, product, or service by applying new processes or techniques to create new value. Innovation involves turning opportunities into new ideas and putting them into widely used practice through idea generation, development, manufacturing, and marketing of a new or improved product. For example, Godin defines 12 concepts of innovation, including innovation as a process, imitation, invention, discovery, imagination, ingenuity, creativity, and types of change such as cultural, social, organizational, political, and technological. The importance of innovation is discussed as solving problems, adapting to change, facing competition, and satisfying changing customer tastes and preferences.

1. Innovation &
Knowledge
Management

2. Module :1

3. Innovation meaning
The word “innovation” is derived from the Latin verb innovare, which means to renew. In
essence, the word has retained its meaning up until today. Innovation means to improve or to
replace something, for example, a process, a product, or a service. In the context of companies,
however, the term needs a definition. In the complex context of business, a definition is needed.
Innovation is a process by which a domain, a product, or a service is renewed and brought up to
date by applying new processes, introducing new techniques, or establishing successful ideas to
create new value.

4. Innovation
Innovation is the process of turning opportunity into new ideas and of putting these into widely
used practice. It is the management of the entire activities involved in the process of idea
generation, technology development, manufacturing and marketing of a new (or improved)
product. The process of translating an idea or invention into a good or service that creates value or
for which customers will pay. In business, innovation often results when ideas are applied by the
company in order to further satisfy the needs and expectations of the customer

6. For example, Godin (2008) defines 12 concepts of innovation which can be described
as follows
: A: innovation as process of doing of something new
 innovation as imitation;
 innovation as invention;
 innovation as discovery;
B: innovation as human abilities to creative activity:
 innovation as imagination;
 innovation as ingenuity;
 innovation as creativity;

7. C: innovation as change in all spheres of life:
 innovation as cultural change;
 innovation as social change;
 innovation as organizational change; political change; technological change;
D: innovation as commercialization of new product.

8. IMPORTANCE OF INNOVATION
Solving problems
Adapting to change
Maximizing on globalization
Facing up the competition
Evolving workplace dynamics
Customers’ changing tastes and preferences

10. Innovation exercise
1. Brainstorming

11. 2. Liberating structures
1-2-4-all

12. 3. Mind maps

13. 4 R&D
5. Templet exercise

19. Ex:- glass cutting

62. Globalization and Innovation Strategy
Globalization brings us
closer and closer. What
does this mean for the
globalization of
innovation?