The term innovation means many things to many people to the point that it means nothing but reputations ride on this simple term (much like sustainability or many other feel good terms). This problem has been recognized by some, but still exists as a buzzword for most.
Currently the term innovation (and related to innovate or innovative) has an identity problem in that it means many things to many people and yet means nothing. An Internet search reveals many definitions of innovation which on first reading may sound authoritative and concise. They are more motherhood statements. These definitions are not wrong rather they are vague and therefore misleading based on omission of a context.
Innovation has often been regarded as ‘too fuzzy’ a concept to be measured and accounted for. … There is, therefore, an urgent need to capture how ideas are developed and how they can become the tools that transform organisations, local markets, countries, the global economy and the very fabric of society. (OECD/Eurostat, 2018, p. 3)
Joe Dwyer an Adjunct Lecturer of Innovation and Entrepreneurship has this to say:
Mention the word innovation in a corporate context, and you’re likely to see some eye rolling. The word “innovation” has turned into something of a buzzword whose application is so broad and nebulous that it often feels useless. (Dywer, n.d.)
This quote regarding the concept of innovation being a buzzword and often feels useless is a valid observation. With that Dywer proposes a definition of innovation as: Innovation is the process of creating value by applying novel solutions to meaningful problems.
Nick Skillicorn a Creativity & Innovation expert gathered definitions from 15 of the world’s leading innovation experts (Skillicorn, n.d.). His analysis of the given definition’s surmises: Some of them even rightly point out that it’s become a bit of a buzzword and perhaps we shouldn’t be looking for a singular definition as it will vary based on circumstance. With that Skillicorn proposes:
The ultimate definition of innovation: Executing an idea which addresses a specific challenge and achieves value for both the company and customer.
These definitions attempt to give more clarification to innovation and possibly how to measure it. For both these definitions the context is one of the markets which aligns with context Schumpeter (see below) uses. But this simple definition does not paint a complete picture unless you believe innovation only happens in the economic setting of the market.
What is missing in these definitions is an explicit context. The implied context is within the commercial world and where technology is involved to create an innovative product or an innovative way of doing business and most commonly measured in simple economic terms.
Wicked Paths 