Innovation as a business: more than creativity

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Innovation means much more than invention. Managing innovation means managing both newness and change, and the latter often matters the most.

Fig_1_3 copNewness is relative. What is today new (and valuable) to some manager, their organization or their environment might not be to others.

Fig_1_4

Innovation is about changing people’s perceptions and realities, combining many small steps and a few big betsFig_1_5

Bibliography

Innovation means much more than invention

Keywords: definition of innovation, innovation vs. creativity, innovation vs. invention, new combinations.

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Newness is relative

Keywords: crossing the chasm, early adopters, liability of newness, newness is relative, novelty.

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Many small steps and a few big bets

Keywords: architectural innovation, continuous improvement, dominant design, incremental vs. radical innovations, operational effectiveness, paradigms.

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(c) Prof. Benoit Gailly, Louvain School of Management

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