Innovation: It's something everyone is in favor of, everyone likes the idea of, yet no one really understands it, according to Wharton legal studies and business ethics professor Kevin Werbach. Werbach moderated a panel on the topic at the recent Wharton Economic Summit 2013 held in New York City, during which he challenged the participants to define innovation, talk about its relationship to entrepreneurship, and explain what is needed to nurture it. He noted that innovation is essential for companies to grow, and that it is transformative.
In response to a question about whether innovation is necessarily related to new technology and big breakthroughs, Lady Barbara Judge, chairman of the United Kingdom's Pension Protection Fund, defined innovation as either "using something new, or something known, but in a different way, different time or a different place."
To read the original article: Why Innovation Is Tough to Define -- and Even Tougher to Cultivate - Knowledge@Wharton
