In its report New Concepts in Innovation – The Keys To Growing Australia the Business Council of Australia defined innovation as:

Innovation can be defined as the application of knowledge to create additional value and wealth. Innovation involves using knowledge to find new ways to create and bring about change for the better. This definition of innovation has implications for the types of activities within businesses that can be considered innovative.

First, innovation does not necessarily involve technology and technological knowledge. Successful innovation can involve the use of any type of knowledge, provided its application results in additional value and wealth.

Second, innovation is not invention. Innovation may not even require the creation of new knowledge – be it to the world or to the firm. What it does require is the inspired application of knowledge (old or new) to create additional value.

What I like about this definition is that it makes innovation easier to understand. Value determines innovation. If you create something and it doesn’t hold value, then you haven’t innovated. In an earlier post Understanding Innovation I explained that innovation was as simple as taking something and adding it to something else. Providing the result creates value, then you have innovated. Your somethings can be anything. They can be something physical with another physical thing, such as wrapping paper and a brown paper bag that together created the Gift Bag.

They can be a concept such as portability which was added to music and you create the Sony Walkman. You can have selling white goods and providing people with access to finance for those goods and you create GE Money. You can have a passion for baseball and a desire for a large free wedding and you create a fully Sponsorship Public Wedding.

Given the Business Council of Australia advocates innovation as a critical skill for career success, take this concept and start testing the value that you create. You might just take your most successful live program and the desire to create a like-minded community and create the Yes For Success Platform!

Learn about the Yes For Success Platform here.