"Innovation refers to the implementation of a new or significantly changed product or process."

The various forms and types of innovation allow multiple views and interpretations – depending on the perspective of the observer. Innovation can be approached from various angles e.g. from the lens of business leaders, employees, consumers, investors - they all understand innovation in their own context and have different objectives and expectations. Similarly, a startup team perceives innovation very differently compared to an typical established company.

Innovation is more than invention. It involves your creativity and past experiences which allows you to innovate a new product or a service.

When it comes to problem resolution, the nature of innovation is critical. Those that employ innovation frequently want to solve problems. In almost every element of your life, innovation plays a significant role. Though it is most often associated with business, technology, or engineering, it can also be beneficial on a personal level. Society as a whole does not have to be the only place where innovation occurs. On a personal level, it could be one-of-a-kind. Even if a method exists, you could not be aware of it. You can make a difference in your own life by using it. People that are good at solving challenges with creativity are known for thinking beyond the box.

If you are having trouble solving a problem, it is likely you are not looking for innovative ways to solve it. When many people are faced with a problem, they try to solve it by doing things in a pragmatic way. While this may solve some problems, what will you do in a situation where the problem that you are trying to solve has not been previously considered? This is a situation where you must use innovation. Those who are able to use innovation to solve problems that are not well defined are experts at the problem solving process.

If you want to start your own company, your ability to tackle challenges creatively could be the difference between success and failure. Going to college alone will not provide you with the required abilities to succeed. You must be able to take the knowledge you have gained and use it to develop something new and different. Companies that are inventive are more likely to succeed than those that are not. You have to throw out the rule book now and then and start looking at things from a different perspective. You must learn to take the road less travelled in order to become proficient at solving difficulties.

The concept of innovation is strongly linked to the concept of creativity. Albert Einstein once said "Knowledge is less important than imagination. Because knowledge is restricted, whereas imagination encompasses the entire world, promoting growth and allowing evolution to occur." You will have one of the tools need to become an excellent problem solver if you can comprehend this quote. To become a great innovator, you must be able to take the knowledge you have received and apply it to issues in a new way.