Probably there are as many definitions of innovation as the number of supposed experts on the field around the world. Reading through my books and papers, though, I realized that I had no comprehensive list of the many definitions I have ever being in contact with, therefore I decided to create one.
First of all, here is my own definition of innovation: “invention refers to new concepts or products that derive from individual’s ideas or from scientific research. Innovation, on the other hand, is the commercialization of the invention itself.”
Below you will find some of the first definitions I managed to collect, I will try to add to the list in the near future:
“The act of introducing something new” (the american heritage dictionary)
“A new idea, method or device” (Webster online)
“Change that creates a new dimension of performance” (Peter Drucker)
“The introduction of new goods (…), new methods of production (…), the opening of new markets (…), the conquest of new sources of supply (…) and the carrying out of a new organization of any industry” (Joseph Schumpeter)
“Innovation is a new element introduced in the network which changes, even if momentarily, the costs of transactions between at least two actors, elements or nodes, in the network” (Regis Cabral)
“The three stages in the process of innovation: invention, translation and commercialization” (Bruce D. Merrifield)
“The ability to deliver new value to a customer” (Jose Campos)
“Innovation is the way of transforming the resources of an enterprise through the creativity of people into new resources and wealth” (Paul Schumann)
“Innovation does not relate just to a new product that would come into the marketplace. Innovation can occur in processes and approaches to the marketplace” (David Schmittlen)
What about you, what is the best definition of innovation in your opinion?