![Master The Innovation Equation At Tekedia Mini-MBA [REGISTER Now]](https://tkcdn.tekedia.com/wp-content/uploads/2021/08/17090954/defining-innovation--768x786.jpeg "Master The Innovation Equation At Tekedia Mini-MBA [REGISTER Now]")
Innovation = Invention + Commercialization.
The purpose of innovation is to improve the efficiency of the utilization of factors of production, and by doing so we fix market frictions in better ways, creating a new basis of competition that will unlock compounding competitive advantages. Innovation comes in many domains – technology, marketing, pricing, etc.
At Tekedia Institute, we make this translation easy for members. Our members do indeed master them – and they go into the market and WIN.
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I think this definition should be Standardised in Corporate Nigeria, because it’s simply revolutionary.
It’s empirical, it’s condensed, it’s simple and indisputable as opposed to the loose and vague high-flying definition in Silicon Valley and mainstream media which basically regards every new invention as an innovation irrespective of its viability and market validity. Adding new features, churning out new products and catalogues or the number of patents a company has all count as being innovative.
Thought Leadership is critical to Innovation.
E=MC^2 propounded by Albert Einstein is just a definition for energy but in mathematical language, but it has revolutionised science ever since and in turn technology.
In that light, I also think that Innovation (I) equals Invention (V) plus Commercialisation (C), or in other words I=V+C (if I am allowed some poetic licence), can revolutionise Socioeconomics.
The Marketing and Sales of Technology/Inventions are Socioeconomically determined. This definition unites two worlds… Technology and Socioeconomics. See my point?
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