What is innovation? Definition, Importance of Innovation

What is innovation? Definition, Importance of Innovation

Definition of innovation

A simple but very complex word, “innovation” is derived from the Latin word “Innovare”. Innovare means “Reintroduce or renew something”.

In the modern world, the definition of innovation comprises any new idea with new imaginations including creating thoughts for any device or method.

In simple words, innovation means incorporating something novel in an existing available method, technique, or product, which adds value to the old method, technique, or the product in form of providing a better and improved solution that leads to an increase in the quality of human lifestyle.

In other words, innovation is a process and not just a word that differs for each and every different type of method, product, or technique employed in every part of our life.

Innovation is the process of being better and improving using different methods which results in the formation of novel and creative products or methods or techniques.

Innovation is important for providing better solutions for any problem related to existing market needs or meeting with new requirements of the modern lifestyle.

Innovation refers to something new or a modification of an existing product or an idea.

How innovation is differing from invention?

Don’t be confused between innovation with creativity and invention.

The invention is simply creating or making something from scratch.

Invention means something that no one has done it before while innovation is creating or adding value to old creation that makes it worthy and easier for human use.

A simple example of the invention is the telephone while a smartphone is an innovation that is an upgrade of the telephone in terms of productivity and creativity which adds some new features to the traditional telephone.

Importance of innovation

Following are certain important aspects that reveal the real significance of innovation in life:

In this competitive market if you do nothing new you cannot survive. 

Small or medium-level firm or organization has limited capital to spend on an invention.

Even the big king of markets follows the rule of innovation as it is less costly than invention and the success rate is more in innovation.

A simple example is innovating keypad mobile from telephones and from keypad mobile to smartphones with the touch screen. Even in software, we see the process of innovation.

  • A unique feature development that makes the organization ahead of others in competition
  • Start-up’s with innovation is easier than inventing new methods or products.
  • Creating a monopoly (unique selling point – USP) using some value or innovating a feature that others do not have. It gives an advantage over other brands in the competition
  • Helps to grow organization speedily
  • Help the nation or organization in the development and continuous growth
  • Staying ahead in competition and trends
  • For nations, innovation can help in reducing problems like poverty, sickness, hunger, and many more.
  • Improved techniques and instruments can be useful to reduce environmental problems
  • Increase the revenue of the organization

So, fundamentally innovation plays a significant role in improving the economy, environmental conditions as well the quality of human life.

So, in a business or development of a nation globally one should evolve in terms of using innovative methods, products, and techniques to make life easier.