What is Innovation?

I am Dr. Louis Bouwer, and my field of expertise is Strategic Corporate Innovation Management. Throughout my career assisting corporations globally, I've noticed a prevalent challenge: many executives and managers find it difficult to define 'innovation.' This lack of clarity not only hinders effective communication but also complicates the implementation of innovation strategies.

In this video, I offer a clear, straightforward explanation of innovation, accessible to everyone from elementary school students to boardroom executives. My goal is to demystify innovation by presenting a simple definition, a high-level overview of the innovation process, and a basic hypothesis for implementing effective innovation management within corporations.

I start by clarifying related concepts: 'ideation' and 'invention.' Although closely linked to innovation, these terms represent distinct stages in the creative process. Ideation involves generating ideas and reflects one’s existing knowledge and beliefs. In contrast, an invention is the creation of something new—a product or method that did not previously exist, born from human imagination.

I define innovation as a process or a complex system where multidisciplinary capabilities—knowledge, skills, and resources—are integrated to deliver unique insights as valuable solutions that customers or consumers appreciate (Bouwer, 2015).

Join me as we explore these concepts further, providing you with a framework that simplifies the understanding of innovation, enabling its effective management and execution across various environments.