Innovation, what is it exactly?

Abstract

Abstract:

In a highly competitive economic environment, companies are frequently forced to act and react more and more quickly by inventing new forms and methods of value creation. In this context, innovation remains one of the safest solutions. Organizations of all sizes are aware of the role innovation plays in their growth, development and survival. In fact, the literature has always given a positive connotation to innovation, admitting that the difference between what is created and what is destroyed generates a positive balance on the economic and social level. The concept of innovation has been the subject of several approximations that can cause some confusion among researchers. In a perspective of unifying research, this article aims to demystify the concept of innovation. Innovation is often confused with terms such as creativity, invention and scientific discovery, which are considered synonymous. This polysemic character of the concept requires a perspective of its different approaches in order to remove any ambiguity and define what exactly is innovation. The aim is to clarify and rectify the five confusions linked to the concept of innovation: The first misconception is that innovation is equivalent to invention. The second misconception assumes that innovation is synonymous with creativity. The third misconception is that innovation is based solely on technological advances. The fourth misconception assumes that innovation is the result of chance and sudden enlightenment. The last misconception is that innovation depends only on the entrepreneur who is considered its champion.

JEL Classification: O3

Paper type: Theoretical Research