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Innovation & Organizations

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?Using the Internet, find three different definitions of innovation, within the context of organizations.
?Compare and contrast the three; how are they similar; how are they different?
?Write a definition of innovation, within the context of organizations. Discuss the role you think innovation plays in developing and implementing change processes.

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?Using the Internet, find three different definitions of innovation, within the context of organizations.

(1) One definition of innovation is:

"...the act of introducing something new? http://www.thefreedictionary.com/innovation

(2) A second definition of innovation is:

"...the creation of new products and/or services?(http://www.investorwords.com/2480/innovation.html)..

(3) A third definition of innovation is a business/orgnaizational definition, which defines innovation as a:

"...process by which an idea or invention is translated into a good or service for which people will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination, and initiative in deriving greater or different value from resources, and encompasses all processes by which new ideas are generated and converted into useful products. In business, innovation results often from the application of ...

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