THOUGHT FOR THE DAY

Innovation

"The winner is the chef who takes the same ingrediants as everyone else and produces the best results." - Edward de Bono

TOPIC OF THE DAY

INNOVATION

The term innovation means a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations. A distinction is typically made between Invention, an idea made manifest, and innovation, ideas applied successfully. (Mckeown 2008) In many fields, something new must be substantially different to be innovative, not an insignificant change, e.g., in the arts, economics, business and government policy. In economics the change must increase value, customer value, or producer value. The goal of innovation is ...

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Managing Product and Process Innovation