Learn more about Innovation
Innovation is a word that is frequently used and often misunderstood.
On this page we'll provide a definition and break down innovation into some significant component parts.
At OVO, our definition of innovation is:
People putting ideas into valuable action.
It's not enough to be creative. Ideas need to be converted into valuable products and services.
Innovation is made up of a number of tasks and actions:
- Face to Face brainstorming
- Distributed idea generation
- Trend gathering and synthesis
- Idea management and evaluation
- Prototyping
- Transitioning an idea to product or service development
- Launching a new product or service
For repeatable, sustainable innovation, you'll also need:
- Active Management support
- A defined innovation process
- Well defined innovation roles and responsibilities
- A culture that embraces innovation
- Appropriate rewards and recognitions
- Idea management software
