As our review of the literature will show, the word 'Innovation' has evolved into a complex concept with several meanings, and to which could be attributed the rise and fall of civilisations, the competitiveness of global economies, the profitability of firms, the survival of nations, and the explanation of both the best and the worst in everything human.
The Renaissance freed the minds of men and women, unleashing a wave of creativity and the formation of new insights arising from and leading to a better understanding of the world (Isaak and Just, 1995, 281-326).
The term 'Innovation' is closely related to another word with which it has often been interchanged or confused: 'Invention'. Markedly different in etymology but slightly similar in meaning, invention (from the Latin venire which means 'to come upon' or 'to find') is the process of creating or devising something new (Collins, 1991, 811). Offhand, we see why it is easy to confuse these two words: both mean doing something new.
However, the 20th century usage of the terms 'invention' and 'innovation' by businesses has led to the development of a fine distinction in meaning to which most people agree: an 'innovation' is an 'invention' that creates economic value and wealth and that results in transformation. It can therefore be said that innovation is the successful and wealthier sibling of invention. ...