The novelty of use of word “innovation” is wearing thin. And for good reasons.
Sad to say, as a piece in the Wall Street Journal says. “Companies love to say they innovate, but the term has begun to lose its meaning.” Companies are touting chief innovation officers, innovation teams, innovation strategies, and even innovation days.
- Companies last year mentioned “innovation” 33,552 times in their annual and quarterly reports.
- Publishers issued 255 books in the last 90 days with “innovation” in their titles.
- 43% of 260 companies said they have appointed chief “innovation” officers.
- 28% of business schools use the word “innovation” in their mission statements.
So what is “innovation”?