It is an important and essential part of every self-managed business

Because of the nature of business, it has two and only two functions, marketing and innovation. Marketing and innovation make money, everything else is a cost.   ~Peter Drucker

Innovation.

First, let’s define it.

Innovation is the creation, development and implementation of a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage.

And here are some others

“Innovation is the creation of something that improves the way we live our lives”  ~Barack Obama.

“Innovation is something fresh (new, original, or improved) that creates value.”  ~Jeff Dance.

“Innovation is any idea that adds value.”  ~Baxter Healthcare – Australia

“Innovation is significant positive change”.  ~Scott Berkun

“Innovation is change that creates a new dimension of performance.”  ~Peter Drucker.

“I define innovation as executing new ideas to create value.”  ~Tim Kastelle

“Innovation is the commercialization of creativity.”  ~Anonymous

“Innovation is the creation, development and implementation of a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage.”  ~Government of New Zealand

“Innovation is the successful exploitation of new ideas.”  ~UK Department of Innovation and Skills

“Innovation is the successful implementation of creative ideas within an organization.”  ~Professor Teresa Amabile

And this is my own:

It is about Doing Your Best Work the best way.

Let me say that again…It is about Doing Your Best Work the best way.