Innovation is a very confusing buzzword that many individuals love to hate. Almost every nation on earth agrees that it’s important, but no one can quite seem to agree on exactly what it means or what it does. The real definition of innovation is actually quite simple. It is when a new idea or technology is brought to the market that is better, cheaper, and helpful than what was already available. In other words, innovation means that you are adding something better to the marketplace.
Many think that innovation is only related to technology. This simply is not true; in fact, there are numerous ideas and inventions being applied in all different types of fields such as energy, medicine, education, manufacturing, transportation, fashion, government, and more. Some innovative activities may include the following: Business development, branding and marketing, customer orientation and design, knowledge creation, creative solutions etc. If you are considering applying some or all of these techniques to your organization, I would advise you to consider hiring a business coach.
A business incubator is basically a university that provides training and mentoring to startups and new companies on the cutting edge of business innovation. Business incubators can take an idea and turn it from a great idea to a great product or service. Many times they act as a sort of “accelerator” that helps companies go through the startup stage without the heavy costs and long-term commitment that are often needed. The ultimate goal of business incubators is to help companies become successful and help them become world leaders in their field.