I came across this simple definition of Innovation
Innovation=Invention x Commercialisation*
*From Disciplined Entrepreneurship by Bill Aulet, adapted from MIT professor Ed Roberts’s definition
It has been modified from Roberts’ definition which was an addition but this one has a multiplier sign, i.e. it is Invention times Commercialisation.
We often think of innovation as invention and companies being innovative conjures images of cool stuff getting invented by them. But without commercialisation (Commercialisation = 0), there is no innovation (Innovation = 0 since it’s a product of the two terms). Similarly if there is commercialisation but no invention (invention = 0), there is no innovation.