Innovations are the creation and exploitation of value providing or value built in ‘newness’ or ‘differences’ in products

Innovations are the creation and exploitation of value providing or value built in ‘newness’ or ‘differences’ in products, processes, technologies, methods and business models (from elements of other products, processes, technologies, methods and business models or from elements of the same products, processes, technologies, methods and business models earlier made) that are often built by the occurrence of one or more events with ‘small / low success probabilities’ that may require ‘high problem resolution’ and show ‘possibility effect of a particular solution or deliverable in the native state of occurrence of the events in the product, process, technology, method or business model’ and hence can be called as ‘innovation events’. The intent being that the initial small / low success probability events required for innovation be systematically raised to high success probability events that are significant with effective and appropriate problem resolutions and show ‘certainty effect of the particular solution or deliverable in the design state of occurrence of the events in the product, process, technology, method or business model’ through the skill and knowledge systems of organizations with the aid of the information systems and intelligences of the innovation process system so that innovations could actually occur in products, processes, technologies, methods or business models. The skill and knowledge systems could be either in technical systems or management systems or both and would deploy innovation supportive assets. The net effect is that ‘innovation events’ are transformed to ‘innovations’.