Here's a comprehensive summary of the article on innovation:

  • Innovation is the practical implementation of new or significantly improved ideas, resulting in novel goods, services, or processes, fundamentally focused on creating or redistributing value.
  • It is distinct from invention, emphasizing the practical application of new abilities to make a tangible impact in a market or society, and does not always require an entirely new invention.
  • While definitions vary widely, such as ISO 56000:2020 defining it as "a new or changed entity," a common element is the focus on newness, improvement, and the spread of ideas or technologies.
  • Innovation is understood as both a process and an outcome, clearly differentiated from creativity, which concerns merely generating novel ideas.
  • As renowned management expert Peter Drucker highlighted, innovation is the "specific function of entrepreneurship," playing a crucial role in creating and enhancing wealth.