A definition of innovation
- AND WHAT IT'S NOT!

Innovation is probably one of the most used business buzzwords of today, but it’s probably also used in the sloppiest way of them all. What does it really mean? And what does it actually become in the day-to-day business environment?

Elaine Dundon from the Innovation Group Consulting has in her new hands-on bestseller The Seeds of Innovation tried to describe what innovation is... and what it's not! This basic lexicology is the best we have seen so far, so hang on for a short summary of these thoughts for discussion:

What INNOVATION is:
1. Creativity - the discovery of a new idea.
2. Strategy - determining whether it is a new and useful idea.
3. Implementation - putting this new and useful idea into action.
4. Profitability - maximizing the added value from the implementation of this new and useful idea.

So INNOVATION is:
"the profitable implementation of strategic creativity"!


What INNOVATION is not (according to Dundon):

- Innovation is not just "new technology".
A new organizational structure, a new business channel or new way of using something old is clearly innovation as well.

- Innovation is not sector-specific.
Every organization needs and works with innovation, it is not just for big industry.

- Innovation is not just for research and development departments.
R&D usually does a good job, but serious innovation needs to take place in all parts of the organization.

- Innovation is not isolated to special teams or "skunk works".
Inventing the future of your company should be done at "home" on a day-to-day basis, not hidden away in special projects in remote locations.

- Innovation is not just a creative playroom.
Creativity is about creating a mental and physical place that goes beyond toys. Although Idélaboratoriet believes that rooms designed for creative work will heighten the innovation potential.

- Innovation is not a one-off event.
A one-day show with speeches and a clown won't help you through the next decade.

- Innovation is not just creativity training.
Creative skills are very important, but remember to make it part of a bigger innovation strategy so that the education will "stick" to the day-to-day agenda and working situations.

- Innovation is not just applicable to new products.
Possibilities for new products are one part of innovation. Enhancing or reusing old products or processes can be one of others.

Hopefully this can broaden your view of this buzzword that nevertheless is crucial for the development of your company. Read, discuss and find what innovation is for you - and what it's not!

N E W S

VINNOVA, Swedish Agency for Innovation Systems and Teknikbrostiftelserna has launched a project to promote the development of incubators in Sweden. A budget of 24 million SEK shall be a base for the funding of local incubators that should enhance the ROI on research and development and improve the interplay between universities, institutes, companies, venture capital and business angels.

Today, Idélaboratoriet celebrates its third year as a working brand and second year as a corporation in the area of creativity and innovation. We thank all our clients that we have had the privilege to work with and to learn from, and we are looking forward to working with them for many years to come! A small birthday party will be held at our new location at Malmö Incubator / MINC in January.

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