The U.S. Commerce Dept. with the help of a brain-trust that includes industry leaders such as Microsoft’s Steve Ballmer and IBM’s Sam Pamisano, has come up with a definition of innovation.
“The design, invention, development, and/or implementation of new or altered products, services, processes, systems, organizational structures, or business models for the purpose of creating new value for customers and financial returns for the firm.”
Source: Businessweek
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