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Innovation (view source)

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'''Innovation''' is the use of [[creativity]] and [[imagination]] to create a new form or method. However, innovation doesn’t always mean creating something new: as innovators often take something that already exists, improve it, change it, make it better and make it the best for their customers. <ref>https://startupistanbul.com/blog/2015/03/the-importance-of-innovation-in-entrepreneurship/</ref>
 
'''Innovation''' is the use of [[creativity]] and [[imagination]] to create a new form or method. However, innovation doesn’t always mean creating something new: as innovators often take something that already exists, improve it, change it, make it better and make it the best for their customers. <ref>https://startupistanbul.com/blog/2015/03/the-importance-of-innovation-in-entrepreneurship/</ref>
 
Innovation is what drives [[capitalism]]. Capitalism allows entrepreneurs with great ideas to innovate their ideas and to test them in the marketplace. <ref>https://www.prageru.com/video/why-you-love-capitalism/</ref> As innovation creates not only new products but new companies, whole new industries and wealth. Wealth which is ultimately distributed all through an economy. The more freedom, the more ideas, the more innovation which creates dynamic economic growth. <ref>https://www.prageru.com/video/what-creates-wealth/</ref>
 
Innovation is what drives [[capitalism]]. Capitalism allows entrepreneurs with great ideas to innovate their ideas and to test them in the marketplace. <ref>https://www.prageru.com/video/why-you-love-capitalism/</ref> As innovation creates not only new products but new companies, whole new industries and wealth. Wealth which is ultimately distributed all through an economy. The more freedom, the more ideas, the more innovation which creates dynamic economic growth. <ref>https://www.prageru.com/video/what-creates-wealth/</ref>
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* President Hoover helped in the early development of radio broadcasting
 
* President Hoover helped in the early development of radio broadcasting
 
* President Coolidge created our national airways system
 
* President Coolidge created our national airways system
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* President Dwight D. Eisenhower started NASA and DARPA
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* President Dwight D. Eisenhower started NASA and [[DARPA]]
 
* President Richard Nixon launched the cable television industry from deregulation.  
 
* President Richard Nixon launched the cable television industry from deregulation.  
 
* President Ronald Reagan created GPS to be available for civilian use and greatly expanded science research
 
* President Ronald Reagan created GPS to be available for civilian use and greatly expanded science research
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== The difference between creativity and innovation ==
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[[File:Cerebellum.jpg|right|thumb|300px|The human [[brain]] is the most complex physical entity in the universe.<ref>[http://creation.com/the-human-body-gods-masterpiece The Human Body: God's Masterpiece]</ref><ref>[http://creation.com/the-human-body-gods-masterpiece The Enigmatic Human Brain] by Wallace G. Smith</ref><ref>[http://www.creationmoments.com/radio/transcripts/most-complex-structure The Most Complex Structure], Creation Moments</ref>]]
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''See also:'' [[Creativity]]
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According to Business News Daily:
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{{Cquote|Creativity is the spontaneous development of new ideas and out-of-the-box thinking.
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Innovation is applied creativity, in which the spark of a new idea is turned into a novel solution or process. Hunter weighs in with his own definition: “Innovation is the implementation or creation of something new that has realized value to others.”
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Innovation is realized most vividly in the form of a tool, physical benefit or aid that solves a problem or creates an advantage.<ref>[https://www.businessnewsdaily.com/6848-creativity-vs-innovation.html Creativity Is Not Innovation (But You Need Both)], Business News Daily, 2024</ref>}}
    
== Keys to innovation ==
 
== Keys to innovation ==
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*[https://www.hfma.org/finance-and-business-strategy/innovation-and-disruption/60863/ The Five C’s of Innovation] by James H. Landman, JD, PhD
 
*[https://www.hfma.org/finance-and-business-strategy/innovation-and-disruption/60863/ The Five C’s of Innovation] by James H. Landman, JD, PhD
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*[https://www.stlouisfed.org/publications/bridges/summer-2009/the-four-key-elements-of-innovation-collaboration-ideation-implementation-and-value-creation#:~:text=The%20Four%20Key%20Elements%20of,Ideation%2C%20Implementation%20and%20Value%20Creation The Four Key Elements of Innovation: Collaboration, Ideation, Implementation and Value Creation], St. Louis Federal Reserve, 2009
    
*[https://hbr.org/2002/08/the-discipline-of-innovation The Discipline of Innovation] by Peter Ducker (Prominent management consultant), Harvard Business Review, 2002
 
*[https://hbr.org/2002/08/the-discipline-of-innovation The Discipline of Innovation] by Peter Ducker (Prominent management consultant), Harvard Business Review, 2002
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=== Keys to innovation in a country's economy ===
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For a country to be considered an innovation leader, it needs:<ref>[https://www.google.com/search?q=what+is+required+for+a+country+to+be+an+innovation+leader&oq=what+is+required+for+a+country+to+be+an+innovation+leader&gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIGCAEQLhhA0gEJMTgxNzVqMGo0qAIAsAIB&sourceid=chrome&ie=UTF-8 What is required for a country to be an innovation leader?]</ref>
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* A strong foundation in research and development (R&D) investment
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* A [[skill]]ed workforce through quality [[education]]
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* A  supportive [[Entrepreneurship|entrepreneurial]] ecosystem
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* A culture that encourages [[risk]]-taking and [[creativity]]
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* Open [[collaboration]] between industries and academia
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* A robust infrastructure to facilitate the development and adoption of new technologies
    
== Innovation and countries going from middle-income countries to high-income countries ==
 
== Innovation and countries going from middle-income countries to high-income countries ==
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[[File:Drone warfare.PNG|right|300px|thumb|[[Meme]] depiction of innovation in targets of [[drone warfare]] during the [[NATO war in Ukraine]].<ref>[https://t.me/myLordBebo/43409 Drone warfare is ruthless.]</ref>]]
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''See also:'' [[Middle-income countries]] and [[Middle Income trap]]
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''See also:'' [[Middle-income countries]] and [[Middle-income trap]]
    
According to Investopedia, [[middle-income countries]] are defined as: "According to the [[World Bank]], middle-income countries (MICs) are defined as economies with a gross national income (GNI) per capita between $1,136 and $13,845 as of 2024. MICs consist of lower-middle-income countries and upper-middle-income countries, both of which are part of the income categories that the World Bank uses to classify economies for operational and analytical purposes."<ref>[https://www.investopedia.com/terms/m/middle-income-countries.asp Middle-Income Countries (MICs): Characteristics and Significance], Investopedia</ref>
 
According to Investopedia, [[middle-income countries]] are defined as: "According to the [[World Bank]], middle-income countries (MICs) are defined as economies with a gross national income (GNI) per capita between $1,136 and $13,845 as of 2024. MICs consist of lower-middle-income countries and upper-middle-income countries, both of which are part of the income categories that the World Bank uses to classify economies for operational and analytical purposes."<ref>[https://www.investopedia.com/terms/m/middle-income-countries.asp Middle-Income Countries (MICs): Characteristics and Significance], Investopedia</ref>
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*[https://www.byarcadia.org/post/falling-into-the-middle-income-trap-stagnant-innovation-and-growth-in-latin-america The Middle-Income Trap: Stagnant Innovation and Growth in Latin America]
 
*[https://www.byarcadia.org/post/falling-into-the-middle-income-trap-stagnant-innovation-and-growth-in-latin-america The Middle-Income Trap: Stagnant Innovation and Growth in Latin America]
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== Global Innovation Index ==
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== International Innovation Index ==
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''See also:'' [[International Innovation Index]]
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''See also:'' [[Global Innovation Index]]
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The [[International Innovation Index]] is a global index measuring the level of innovation of a country. It is produced by The Boston Consulting Group (BCG), the National Association of Manufacturers (NAM), and The Manufacturing Institute (MI) (the NAM's nonpartisan research affiliate). NAM describes itself as the "largest and most comprehensive global index of its kind".<ref>"[https://web.archive.org/web/20181122145642/http://www.nam.org/NewsFromtheNAM.aspx?DID=%7B8D10F9A6-28AE-456D-97EA-340146144190%7D America Ranks #8 In New Global Innovation Index].</ref>
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The [[Global Innovation Index]] is an annual ranking of countries by their capacity for and success in innovation. It is published by the World Intellectual Property Organization (WIPO). It was started in 2007 by Institut Européen d'Administration des Affaires (INSEAD) and World Business (a British magazine).
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== Books on innovation ==
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=== 2023 Global Innovation Index rankings ===
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* ''The Myths of Innovation 1st Edition'' by Scott Berkun.  O'Reilly Media; 1st edition (September 28, 2010).
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[[File:World's most innovative countries 2023.jpg|thumbnail|center|1500px|right|Switzerland, Sweden, the United States, the United Kingdom and Singapore are the world’s most innovative economies in 2023, according to WIPO’s Global Innovation Index (GII), as a group of middle-income economies have emerged over the past decade as the fastest climbers of the ranking.<ref>[https://www.usnews.com/news/best-countries/articles/2019-08-08/us-returns-to-top-3-in-global-innovation-ranking The U.S. Is (Again) Among the World's Top Innovators], U.S. News and World Report, 2023</ref><ref>[https://www.wipo.int/pressroom/en/articles/2023/article_0011.html#:~:text=The%20United%20States%20(3rd,80%20GII%202023%20innovation%20indicators. Global Innovation Index 2023: Switzerland, Sweden and the U.S. lead the Global Innovation Ranking; Innovation Robust but Startup Funding Increasingly Uncertain]</ref><ref>[https://www.statista.com/chart/18804/rankings-of-the-global-innovation-index/The World's Most Innovative Countries], Statista website, 2023</ref>]]
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== See also ==
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{{Clear}}
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[[File:Most innovative countries in 2023 - Visual Capitalist 2023.png|thumbnail|center|1500px|right|VisualCapitalist.com ranked the USA 3rd in innovation in 2023.<ref>[https://www.visualcapitalist.com/most-innovative-countries-in-2023/ Ranked: The Most Innovative Countries in 2023]</ref>]]
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{{Clear}}
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== International Innovation Index ==
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*[[Ideation]]
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*[[Brainstorming]]
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*[[Intellectual curiosity]]
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*[[Integrative thinking]]
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*[[Burevestnik]]
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*[[Oreshnik]]
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== External links ==
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*[https://ideascale.com/blog/what-is-innovation/ What is Innovation? Definition, Types, Examples and Process]
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''See also:'' [[International Innovation Index]]  
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*[https://professional.dce.harvard.edu/blog/what-is-innovation/ What is Innovation?], Harvard University, Professional and Executive Development
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The [[International Innovation Index]] is a global index measuring the level of innovation of a country. It is produced by The Boston Consulting Group (BCG), the National Association of Manufacturers (NAM), and The Manufacturing Institute (MI) (the NAM's nonpartisan research affiliate). NAM describes itself as the "largest and most comprehensive global index of its kind".<ref>"[https://web.archive.org/web/20181122145642/http://www.nam.org/NewsFromtheNAM.aspx?DID=%7B8D10F9A6-28AE-456D-97EA-340146144190%7D America Ranks #8 In New Global Innovation Index].</ref>
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*[https://asq.org/quality-resources/innovation What is Innovation?], ASQExcellence
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== External links ==
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*[https://www.toolshero.com/innovation/ Innovation], ToolsHero.com
    
*[https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-innovation What is innovation?], McKinsey & Company
 
*[https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-innovation What is innovation?], McKinsey & Company
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*[https://online.hbs.edu/blog/post/importance-of-innovation-in-business Innovation and Business: Why it's so important], Harvard Business Review, 2022
 
*[https://online.hbs.edu/blog/post/importance-of-innovation-in-business Innovation and Business: Why it's so important], Harvard Business Review, 2022
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Videos:
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*[https://www.youtube.com/playlist?list=PLbjmSS6LZDGpbeSfeQVyt3dvAQWp3gJnl Innovation - video playlist], Video playlist
    
==References==
 
==References==
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