Innovation Eat-Up: What is Innovation?
Innovation is integral to all of the businesses that we look to work with at Sussex Innovation – Croydon. But what is it? Join Innovation Consultant Paul Jordan to explore what it means to be innovative.
Innovation is defined simply as a “new idea, device, or method”. However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. This is accomplished through more effective products, processes, services, technologies or business models, that are readily available to markets, governments and society. The term ‘innovation’ can be defined as something original and more effective – and as a consequence, new – that “breaks into” the market or society.
In the latest in our Innovation Eat-Up series, Paul will be sharing his personal views on innovation – “what it means to me, and what it means to you”.
Paul Jordan’s background is in SME financing, and he has worked for Sussex Innovation in various roles since 2004. He currently coordinates the StartUp Sussex enterprise competition, a programme of workshops and mentoring for budding student entrepreneurs at the University of Sussex. The programme helps students to think creatively about problem solving and follow a path from an initial idea to an opportunity, exploring and developing a business model that could receive investment of up to £10,000 from the competition judges.