Innovation is the successful exploitation and execution of the opportunity of an idea within a business model.
Innovation – This is the space following an idea generation session (creative thinking, brainstorming, etc.). Innovation deals more with quality, evaluation and implementation. It’s an idea that has the proper resources supporting it and ideal market conditions ahead. Innovation is about moving a novel idea into an idea of value that fills a specific need. Identifying an innovative idea can be a creative process.
Idea Generation – The generation of ideas. This deals with quantity and novelty. This is what we typically refer to as Creativity.
Opportunity – An opportunity looks at and depends on resources (capital, staff, sales team, etc.), and conditions (consumer need & desire, idea value, competition, timing, etc.)
Bottom Line: Innovation is when a highly creative person becomes a successful entrepreneur.