Word of the Day: Innovation

by Danna Martínez

One of the most significant necessities for the human to progress is innovating. Through time, innovations have change people’s perspectives and lifestyles, from small ideas that could reach to be a reality. The innovation doesn’t have a specific method; instead, it comes from each person’s imagination process.

Innovation refers to a change that supposes a novelty. This concept proceeds from the latin innovatĭo, -ōnis or innovo, which means “do new.”

In 1934, Joseph Schumpeter, an Austrian political economist, defines innovation as the introduction to the market of a new product or process that has the faculty to contribute any differentiator element, a new market opening, or the discovery of a new source of raw materials or intermediate products.

The innovation requires the execution and promotion of ideas of which their purpose is to create value. Innovation has different types to be represented. Here are the most known and their explanation:

• Business Innovation. A new idea, product, process, or succession that takes place on the market, whereby it produces new profits and growth and increases productivity. This type of innovation provides an added value, generates economic gains, and offers quality employment.

• Social Innovation. It is an efficient type of innovation that satisfies social necessities. Its purpose is impulse transformation processes, generating inclusive and participative community structures besides formulating collaborative strategies to respond to the social challenges (created in its social, economic, political, or environmental context.)

• Technology Innovation. This innovation provides changes to improve the media field. It could be based on the combination of different technologies already created for new uses or involucrate new ones.

• Labor Innovation. It consists of people management; its purpose is to adopt new solutions in the human resources processes, work organization, or workplace.

• Educative Innovation. It implies implementing a significant change in the teach-learn process; it’s known for being the source of new proposes, contributions, or ideas that look to sort out the education difficulties.

Another way to understand the role of innovation in society is to turn back time and learn about some relevant innovations. According to History Channel, these are “11 Innovations That Changed History”:

• The Printing Press
• The Compass
• Paper Currency
• Steel
• The Electric Light
• Domestication of Horse
• Transistors
• Magnifying Lenses
• The Telegraph
• Antibiotics
• The Steam Engine

And remember, “Innovation is the creation of something that improves the way we live our lives.” –Barack Obama.