Innovation 101

Study Notes

Practical Implementation of Improvements:

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.
ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value".
Technical innovation often manifests itself via the engineering process when the problem being solved is of a technical or scientific nature.
Two main dimensions of innovation are degree of novelty and kind of innovation.
Innovation is related to, but not the same as, invention.
Several frameworks have been proposed for defining types of innovation.
Open innovation refers to the use of individuals outside of an organizational context who have no expertise in a given area to solve complex problems.
User innovation is when companies rely on users of their goods and services to come up with, help to develop, and even help to implement new ideas.
The concept of innovation did not become popular until after World War II of 1939-1945.
All organizations can innovate, including for example hospitals, universities, and local governments.
Innovation may occur due to effort from a range of different agents, by chance, or as a result of a major system failure.
The Kline chain-linked model of innovation places emphasis on potential market needs as drivers of the innovation process.Innovation: Concept, Types, and Measures
Innovation can come from various sources, including R&D, on-the-job modifications, exchange of professional experience, and user-centered approaches.
Information technology and changing management styles can foster a climate favorable to innovation.
Organizations may incorporate users in focus groups or work closely with lead users to develop breakthrough innovations.
Experimentation with many possible solutions is a technique for innovating a solution to an identified problem.
Measuring innovation is difficult as it implies novelty and comparisons may be meaningless.
Several indices, such as the Bloomberg Innovation Index and Global Innovation Index, attempt to measure innovation.
The rate of human technological innovation peaked in 1873 and has been slowing ever since, according to some researchers.
Innovation is a key driver in improving society and economy, and policymakers have worked to develop environments that will foster innovation.
Many countries, including Japan, Germany, and China, recognize the importance of innovation and have established innovation programs.
Regional governments and agencies are setting up innovation agencies to strengthen regional capabilities.
The U.S. federal government should launch a National Infrastructure Foundation to house innovative programs and strengthen industry-university partnerships.
The Medvedev modernization program in Russia aims to create a diversified economy based on high technology and innovation.

Description

Test your knowledge on the concept, types, and measures of innovation with this quiz! Explore the different sources of innovation, such as R&D and user-centered approaches, and learn about the various frameworks for defining types of innovation. Discover the importance of innovation in improving society and the economy, and the efforts of policymakers to foster innovation. See how much you know about measuring innovation and the different indices used to assess it. Take the quiz to see how innovation-savvy you are!