ABSTRACT
Innovation is the application of a purposeful process in order to transform new ideas and opportunities that generate new or added value into results. It requires first ideating and then acting on creative ideas to make a tangible difference in the goods and/or services around which the innovation occurs. It also involves a progression of ideation, creation, invention, innovation, and initiation of a new entrepreneurial venture. Ideation is the generation of ideas, the more the better, by inspired people. Creativity is the selection, association, and combination of ideas that have value. People are the center of imagination, creativity, and innovation, and they provide the potential for human development and economic growth. They use the word imagination as a synonym for creativity and creativity as a synonym for innovation, and creativity and innovation as synonyms for entrepreneurship. When innovation is part of an external ecosystem, there are two system risks that can affect an innovation: co-innovation risk and adoption chain risk.
