Innovation has many definitions. The meaning of innovation seems to be more about the goals and values of the individual or organization that define the term.
Webster's dictionary defines innovation as "the introduction of something new". This is a broader definition than is used by others discussed below who define innovation as something that is both "new" and beneficial to the organization or person for which the innovation applies.
To someone in business, innovation is about finding a way to get people to pay for an idea or invention. Some argue that innovation is not about creativity, only the application of creativity for a practical result. Another definition focuses on the delivery of a positive outcome with actions that are new to an organization.
To engineers, innovation is about creating a new way to improve performance or reduce bad consequences of a device or process. The outcome of innovation is often envisioned as a new or improved object -- a new phone, a car, a kitchen utensil. However, as in business, engineering innovation can lead to new processes that improve an object.
To a researcher, innovation is about finding the next discovery or a better answer to an existing unsolved problem. Thus, innovation need not immediately yield something to buy or possess as an artifact. The innovation may be an improved theory that has greater explanatory power and greater breadth of applicability.
Innovation is occurring throughout Portland State University. Often it the result of individuals seeking to improve their work, whether that is teaching, research, or the business of running the university.
The Maseeh College created the Innovation Program to explicitly foster innovation in student learning.
The digital camera was invented at Kodak by a team lead by Steve Sasson. here is a brief video interview of Mr. Sasson.
Paul MacCready designed the Gossamer Condor to win the prize for human powered flight. His strategy was to use a design that allowed for rapid iteration.
Seth Godin explains how to fail because you learn from failure.