{"id":6359,"date":"2021-04-13T16:22:02","date_gmt":"2021-04-13T16:22:02","guid":{"rendered":"https:\/\/www.fundacionbankinter.org.\/?post_type=noticias&p=6359"},"modified":"2025-12-01T23:34:32","modified_gmt":"2025-12-01T22:34:32","slug":"what-is-innovation-definition-and-features","status":"publish","type":"noticias","link":"https:\/\/www.fundacionbankinter.org\/en\/news\/what-is-innovation-definition-and-features\/","title":{"rendered":"What Is Innovation? Definition and Features"},"content":{"rendered":"\n

We hear talk about innovation, its relevance for economic development and its value as a wealth-generating tool basically on a daily basis. But when we want to define it, <\/span>we cannot point out specifically what makes it different from research and development<\/b> or from new activities that are not innovations. That is why we must start by <\/span>defining<\/b> innovation<\/b>. <\/span><\/p>\n\n\n\n

Oxford Advanced Learner\u2019s Dictionary gives <\/span>two definitions of innovation<\/span><\/a>: <\/span><\/p>\n\n\n\n

  1. The introduction of new things, ideas or ways of doing something.<\/span><\/li>
  2. A new idea, way of doing something, etc. that has been introduced or discovered. <\/span><\/li><\/ol>\n\n\n\n

    Wikipedia defines i<\/span>t as a change that introduces something new. Besides, broadly speaking, the concept is used to refer to new <\/span>proposals, inventions, and their economic implementation<\/b>. However, in the strict sense of the word, it is said that ideas can only be innovations if new products, services, and procedures are implemented as a result, if there is really a successful application spread throughout the market and dominating it.<\/span><\/p>\n\n\n\n

    The OECD\u2019s Oslo Manual (1997) provides guidelines to measure scientific and technological activity. It defines innovation as the <\/span>ideation and implementation of significant changes<\/b> to the product, the processes, the marketing, or a business organization,<\/span> ultimately seeking to improve its results. <\/b><\/p>\n\n\n\n

    From these definitions we can infer the features of innovation: <\/span><\/p>\n\n\n\n