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What is Innovation?

What does innovation mean and why do you need it in your business?

  • In answer to this question I found a real gem recently:
    "Innovation is the ability to convert ideas into invoices." - [L. Duncan]
    This means that a pile of loosely related ideas do not represent Innovation. There has to be a process of distillation to bubble up the best ideas to the top, to develop the best ideas into something that can practically be implemented or built. It combines the creative process with the structured approach to make it practical.