1. What is innovation and what skills must a company possess?

First off, innovation is not a random event or intangible activity. It is a process. More specifically, I like to define innovation as "the process of devising a solution that addresses unmet customer needs". It is important not to confuse the innovation process with the product development process -- the innovation process comes first. The output of the innovation process is a unique and valued solution that is worthy of entering a company's product development process.

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[Nicoise06]

I think as soon as we define innovation as a 'process' we have a problem given what 'process' tends to mean for most organisations .....