This e-book intends to present a comprehensive list of the most commonly used terms in innovation management. Certain links have been included to enhance understanding of the terms and/or provide additional information. It is hoped that after reading this document the reader will be prepared to understand and analyze discussions on innovation in business with a fair degree of confidence.
Innovation has become a significant factor in determining the success as well as the longevity of organizations. The 2017 PwC CEO Survey revealed that CEOs around the world consider innovation their top priority for 2018, leaving behind concerns such as technological capabilities, customer experience, competitiveness, and human capital, hitherto considered important. In a 2009 Harvard Business Review article, Ram Nidumolu, C.K. Prahalad, and M.R. Rangaswami note that sustainability will be the key driver of innovation. Smart firms which treat sustainability as a goal now will develop competencies that will enable them to have a competitive edge over their rivals in the future. This will help these companies stay on top because sustainability and development go hand-in-hand.
To competently navigate the world of innovation, you can start with an understanding of some commonly used innovation terms.