The concept of innovation involves the development of new methods, ideas, or products that address emerging or existing needs. It differs from invention, which is the creation of a novel idea or technology that proves to be workable.
Assessing the value (monetary, market size, etc.) of the innovation and how the idea will bring that value into the organization is a critical underlying factor in selecting which idea to pursue.
Execution
Identifying resources, processes, risks, partners and suppliers and the ecosystem in the market for succeeding in the innovation is equally important.
Customers
Knowing the customers who will benefit from your innovation is paramount.
Business alignment
The differentiating factors of your innovation should be conceptualized around the key strategic focus of the enterprise and its goals.
Competitive Advantage
Your innovation should provide a unique competitive position for the enterprise in the marketplace.
Invention
New scientific or technical idea, and the means of its embodiment or accomplishment.To be called an invention, an idea only needs to be proven as workable. That's why only a few inventions lead to innovations because not all of them are economically feasible.
Entrepreneurship
The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Entrepreneurship, combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace.
Innovation
A new method, idea or product often viewed as the application of better solutions that meet new requirements or even existing needs.
