Before we begin discussing innovation and the kind of areas that are prime for innovation, we first need to ask ourselves, what is innovation? What do we understand by innovation? Innovation is often understood to mean R&D&i, with innovation representing the final stage of the R&D&i cycle. The concept and definition of Innovation has evolved over the years. Let's look at some examples.

“Innovation is using, and generating if required, knowledge to create new, or improve upon existing, products, services or processes for a company, and achieving market success with the same" (Oslo Manual 1997)

This suggests that innovation means making use of knowledge to create products, services and processes and introduce them to the market.

Innovation is synonymous with successfully producing, assimilating and exploiting something new in the financial and social realm, thus generating unprecedented solutions and addressing the needs of individuals and society (EC white paper).

The EC white paper's definition of innovation introduces a new dimension: Innovation is social, meaning it addresses the needs of people.

Innovation is the implementation of

• New products or processes

o   Products (goods or services)

o   Processes

• Organizational innovations

o   Practices at the company

o   Work organization

o   Organization of external relations

• Commercial innovations

o   Product design or packaging.

o   Method of price allocation

o   Product placement

o   Promotion

even if these are only new to the company (Oslo Manual 2005)

The Oslo Manual definition suggests that innovation may blossom in any area of an organization.

Looking at the three definitions in greater detail, we might conclude that innovation is, in essence, the conversion of ideas into wealth or value. When innovating one runs the risk of making mistakes. It is better to accept this quickly and move on with other innovation, otherwise we would be discussing continuous improvement rather than innovation.

Where can we innovate? There is a common conception that innovation is confined exclusively to the world of technology, but technology itself and technological innovation are the drivers that support innovation in every stage of the value chain.

Evaluating the definition of innovation and the areas where innovation is possible, we might say that innovation and invention are not synonyms but related terms; invention and new ideas that are introduced to the market or society can be considered innovation.

In conclusion, the reward for a good idea is for it to become a reality and reach society, making it innovation, which is the engine that drives the knowledge economy. Innovation is the only driver capable of addressing the economic, social and environmental challenges currently facing society.