What is Innovation?

The word “innovation” is derived from the Latin verb innovare, which means to renew. The word has retained its meaning up until today. It means to improve, to replace something or to bring it up to date, for instance by applying new processes, introducing new techniques, or by establishing successful ideas to create new value.

Innovation is natural

The human race has a natural attitude towards innovation. When we have to do something for the first time we usually start slowly to focus and to gather information. Then, after a few repetitions, we understand the best way to do the work in the most efficient and effective way, usually by saving as much energy as possible. As individuals, we are innovators by adapting well to our needs and creating our own solutions.

Innovation in business

Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen. As Peter Drucker explained “[Innovation] is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth”. Organizations have several options to increase their competitiveness: they can strive for price leadership or develop a strategy of differentiation. In both cases innovation is essential.

Why is innovation so important?

People are taught early in life that failure is unacceptable. While failing is part of the process of innovation. Being innovative means being aware that it is almost impossible to succeed the first time and it is vital to try and fail. Innovators learn from past mistakes without being paralized by the fear of failing. Innovation provides creative insights that allows you to look at things from a different perspective. Whether you are developing a new product, a refreshing strategy of finding an original way to stay ahead of the competition, it is important to preserve an innovative attitude. It allows you to explore new opportunities and get new inspirations and they often lead to success.

The MILC project and Innovation

The main objective of the MILC project is to create a learning approach that will equip the Millennials with 21st Century skills in order to practice leadership based on their way of thinking and behavior. The MILC project will facilitate innovation support activities to ensure Millennials understand and take advantage of the opportunities offered by new innovative concepts, methodologies and approaches. As you may have already guessed, Innovation is one of the 21st Century skills and developing it could be highly beneficial for any field of work. After all without innovation, there would not be progress, without progress there is no sustainability. So, what is your attitude towards innovation?