Innovation can be defined as the creation of value from ideas. This value can be commercial profit or social value, or it can be an innovation that streamlines a system or makes a process easier or more efficient. For more information visit: https://www.ahmeddahab.org/the-four-categories-defining-modern-innovation

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Business
DEFINING INNOVATION
The four types of innovation

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Defining Innovation
Innovation can be defined as
the creation of value from ideas.
This value can be commercial
profit or social value, or it can be
an innovation that streamlines a
system or makes a process easi-
er or more efficient.
Ideation
Innovation is often confused
with ideation. While all innova-
tion starts with an idea, it only
becomes innovative once it be-
gins to create value. It can take
a long time to get from the point
of having a potentially innova-
tive idea, to realising that idea to
create value.
Open Innovation
Open innovation refers to the
process of collaborating with
others to build the neces-
sary links to get an idea off the
ground. Innovators need to lis-
ten to the market, to end users,
to other stakeholders, and even
to their competition.
Innovation Portfolios
Smaller companies can often
find success by running with
one good idea. Larger compa-
nies, however, may need to have
an innovation portfolio. This in-
volves having a mixture of ideas,
some of which are relatively safe
and some of which are riskier
but have the potential to expand
the horizons of the company.

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Smaller companies
can often find
success by running
with one good idea.
Larger companies,
however, may
need to have an
innovation portfolio.

4. You can find out more
about the four key
types of innovation
by visiting the blog of
Ahmed Dahab.