‘Innovative’ is a synonym for ‘new’ and ‘original’. Innovators are those who like to experiment and try new ways of doing things. The word ‘innovative’ comes from the Latin word ‘novus,’ which means ‘new’. By definition, innovative is an idea or method that alters the way something has traditionally been done. However, there are also many alternative words for innovative, depending on the context.
While ‘innovative’ sounds cutting-edge and modern, it is also overused, diluting its meaning. For this reason, entrepreneurs are sharing alternative descriptors for innovation. Among these are ‘good’ and’satisfactory.’ While this may seem like an oversimplification, entrepreneurs and experts are arguing that the word has become diluted over the years, and the word should be used with caution.
To avoid confusion, companies should create clear definitions of innovation, and decide which type they are working on. Then, they should implement a process to align strategy, budgeting, project governance, and people’s incentives. By aligning these elements, the company will be able to develop a strategy that focuses on innovation. However, companies should be careful not to confuse innovation with ‘creative’, which is a different term.
Innovation is a key concept for businesses. The best way to get the most out of your people is to encourage their imagination. However, innovation is rarely celebrated and is often punished. To be successful, a company must provide the freedom to experiment, a diverse team, resources, and support for employees to be creative. The same goes for the environment in which employees work. Ultimately, it is a way to change the conversation, and improve your company’s bottom line.