Innovation and New Product Planning

Note 1

What Is Innovation?

The term “innovation” is commonly defined in one of the two ways: (1) as a new idea, method, or device, and (2) as the introduction of something new (cf. Merriam-Webster Dictionary, 2020). Although they look similar, the two definitions of innovation represent important distinctions. The first definition presents innovation as an outcome, whereas the second definition presents innovation as a process. Herein lies an important consideration for understanding innovation: innovation should be thought of as both an outcome and a process. Organizations defining innovation as only one of these will fall short in pursuit of innovation—those organizations that focus strictly on outcome will minimize process, leading to ...