1. Terms
Innovation is a new idea, more effective device or process.Innovation can be viewed as the application of better solutions that meet
new requirements, unarticulated needs, or existing market needs. This is accomplished through more effective products, processes,
services, technologies, or ideas that are readily available to markets, governments and society.
The term innovation can be defined as something original and more effective and, as a consequence, new, that "breaks into" the
market or society.
Creativity is a phenomenon whereby something new and somehow valuable is formed. The created item may be intangible (such as
an idea, a scientific theory, a musical composition or a joke) or an original physical object (such as an invention, a literary work or a
painting).
User (consumer) is a person or organization that uses economic services or commodities
Innovation process involves selection and search, exploration and synthesis, cycles of divergent thinking and convergence
Strategic Innovation is the creation of growth strategies, new product categories, services or business models
2. Creative thinking: A way of looking at problems or situations from a fresh perspective Creative thinking can be stimulated both by an
unstructured process such as brainstorming, and by a structured process such as lateral thinking
Service innovation: a new or significantly improved service concept that is taken into practice.
Idea is: any conception existing in the mind as a result of mental understanding, awareness, or activity.
An invention is a unique or novel device, method, composition or process. The invention process is a process within an overall
engineering and product development process. It may be an improvement upon a machine or product, or a new process for creating an
object or a result.
