ABSTRACT
The term “innovation” is commonly defined in one of the two ways: as a new idea, method, or device, and as the introduction of something new. In order to truly understand and manifest innovation, it is important to recognize that innovation is three different things: innovation is an outcome, innovation is a process, and innovation is a mindset. Mindset addresses the internalization of innovation by individual members of the organization where innovation is instilled and ingrained along with the creation of a supportive organizational culture that allows innovation to flourish. There are conceivably seven types of product innovations: cost reductions, product improvements, line extensions, new markets, new uses, new category entries, and new-to-the-world products. Innovation as a mindset addresses the internalization of innovation by individual members of the organization and advancement of a supportive culture throughout the organization.
