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What is Innovation? Innovation is not a single event or
activity, it is a process. In terms of business, innovation is
the generation of fresh ideas, the ongoing development of
products, services and processes and their commercial
application. It also involves the commercial exploitation of
viable ideas and the ongoing management of idea generation. The
following represents the most common steps involved in the
innovation process: - Generating ideas with commercial potential
- Concept proofing and prototyping - Developing a product -
Execution and commercialisation - Evaluation and continuous
improvement In business, innovation can come from a variety of
different sources. Sometimes it is the result of specifically
focusing on creating new ideas, whereas other times it can be
unexpected and the result of a spontaneous reaction to a
particular need. Some of the common sources of innovation
include: - Business competitors - Research and Development