The more I teach about innovation in different classes and the more I talk about it in professional settings; the more I feel that there might be confusion about what Innovation is and what it is not. Also lots of confusion around forms, types, scales, phases of Innovation. So I prepared the following quick summary based on theoretical perspective. Of course things are evolving very fast and some things might intervene and change; but that is the beauty of Innovation, isn’t it?
Creativity is not equal to invention which is not equal to innovation
Is it an Innovation? If the answer to any of these questions is “no”; then the idea cannot be considered a business innovation, regardless how novel the idea is.
8 Forms of Innovation
4 Types of Innovation
3 Scales of Innovation
3 Phases of Innovation
3 Horizons of Innovation
The purpose of any business is to create value. The higher net value is what businesses can monetize in the marketplace. Remember what Peter Drucker had said: "Marketing and innovation produce results; all the rest are costs." It is innovation which creates the value proposition that markets wish to buy. So whether at individual level or organizational level, we need to innovate. I hope the summary above clarifies some of the confusion with what it is and what it is not and what the types are.