In this regard, the essay aims to propose a personal definition of innovation taking into consideration a comparative analysis of the concepts of innovation, invention, and creativity. Likewise, a description of the relationship between technical or traditional problem solving and creative or intuitive problem solving would be proffered. An explanation of the importance of innovation to the success of individuals, organizational leaders, organizations, and nations would also be presented. Finally, a determination of the importance of management systems and styles to creating an organization where innovation is enabled would be discussed.
Innovation is a process of creative change with a clearly defined purpose of improving a current system or operating process to attain maximized potentials of resources towards a higher level of growth. As a process, innovation needs the application of effective strategies for improved performance. It accurately defines specific aspects to be addressed: a weakness, a threat, a gap in an organization’s current operating system or structure and outlines alternative courses of action that presents possible and viable solutions to the identified dilemma. Innovation, as a change process, is designed with the vision to increase the satisfaction of the organizations’ target market and thereby contribute to the maximization of organizational goals.
Innovation is the “process by which an idea or invention is translated into a good or service for which people will pay. In business, innovation results often from the application of a scientific or technical idea in decreasing the gap between the needs or expectations of the customers and the performance of a firms products” (Business Dictionary, 1).
vaccine against market slowdowns and an elixir that rejuvenates growth” (Rigby, et.al, 79). The authors compared innovation to evolving changes in a fashion industry requiring continuous reinvention of product line,