A market-logic definition of innovation that is making the rounds, that embeds it in a knowable heirarchy of risks and rewards. This should be compared and contrasted with definitions from outside market logics.
(via Innoveracy: Misunderstanding Innovation |)
The definition of innovation is easy to find but it’s one thing to read the definition and another to understand its meaning. Rather than defining it again, I propose using a simple taxonomy of related activities that put it in context.
- Novelty: Something new
- Creation: Something new and valuable
- Invention: Something new, having potential value through utility
- Innovation: Something new and uniquely useful
The taxonomy is illustrated with the following diagram. The position of the circles shows the embedding of meaning