Leadership Agenda

The Cambridge English Dictionary defines innovation as: “(the use of) a new idea or method”. The European business network, EFQM, defines Innovation as, “The practical translation of new ideas into products, services, processes, systems or social interactions”. The OECD (The International “Organisation for Economic Co-operation and Development states:

“-An innovation is the implementation of a new or significantly improved product (good or service), or process, a new marketing method, or a new organisational method in business practices, workplace organisation or external relations". Put simply, "Creativity" can be said to be about new ideas or approaching things in a different way, "Innovation" is creativity enacted/in practice...

In a business context it can  lead to one or more of the following Innovation Outcomes:

• Product innovation: the introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses. For example significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics.
• Process innovation: the implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.
• Marketing innovation: the implementation of a new marketing method involving significant changes in ways of engagement, product design or packaging, product placement, product promotion or pricing.
• Organisational innovation: the implementation of a new organisational method in the firm’s business practices, workplace organisation or external relations.

All above can lead to contribute to:

• Business Model Innovation: -the creation, or reinvention, of the entire business. -Where the organisation changes to compete on a very different value proposition than that of its offerings of the past and often does so in a way which significantly differentiates it from its competitors or others in its market place.

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