Definition

Innovation can be defined simply as a "new idea, device or method". However, innovation is often also viewed as
the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.
Such innovation takes place through the provision of more-effective products, processes, services, technologies,
or business models that are made available to markets, governments and society. The term "innovation" can be
defined as something original and more effective and, as a consequence, new, that "breaks into" the market or
society. Innovations tend to be produced by outsiders and founders in start-ups, rather than existing
organizations.

Phases of innovation

The phases of an innovation, is an innovation process, can be divided into four main steps:

1. Idea: collection of innovation potentials, derivation of ideas, evaluation and release of ideas.

2. Concept: Extensive analysis and derivation of concepts for the solution, implementation and marketing.

3. Solution: Development and testing of the solutions to the finished product.

4. Market: Arouse and fulfil a customer's needs by implementing in procurement, production and logistics
as well as marketing and sales.

Example 0f Innovation

Cardboard VR (Virtual Reality)

Google’s low-cost virtual reality viewer uses a cardboard box and a smartphone to let users interact with movies,
go on landmark tours, and examine 3-D objects. Its design isn’t just cheap; it lowers the bar to experimenting in
virtual reality, and makes it feasible to develop VR apps for a smartphone.
 Fine Speaker

Designed to reimagining musical hardware as unabashedly feminine, Fine Speaker is a delicately grooved
speaker built with a twisting function for turning on and off, modelled after lipstick.

The Samsung Flip

The Samsung Flip is a smart "whiteboard" that's really a digital display. You can draw on the Flip like a regular
whiteboard, but it is also capable of screen-sharing with other devices via near-field communication (NFC) and it
features tons of cool touch controls.