Definition of innovation.

The term "innovation" comes from the Latin «novatio» -"renewal" or "change", and «in» - "in line, into". If translated literally, «Innovatio» means «in the direction of change". The concept of innovation has a lot of classical definitions. One of them is – innovation is a process of intentional change made to create value by meeting opportunity and seeking advantage (Dr. Bruton A. (2012). Creativity, Innovation and Entrepreneurship. Retrieved October 7, 2012 from http://resources.talcie.org/topics-and-activities/creativity-innovation-and-entrepreneurship). Thus, the innovation means the use of novations in the form of new technologies, products and services, new organization form of production and labor, maintenance and management. That is why, we can say that innovation is possible in all areas of human activity.

7 Interwoven areas of Innovation
(Source: http://www.innovarsity.com/products/bec_mc_innovation_systemic.html)

Two components of innovation.

According to the American Heritage Dictionary (1994), "Innovation is the act of introducing something new". J. Byrd and P.L.Brown, the authors of “The Innovation Equation”, consider that "the act of introducing" is akin to taking a risk and "new" is about creativity. This leads on to what they call the innovation equation:
Innovation = Creativity x Risk Taking

Creativity is the ability to generate and develop new unconventional ideas, to successfully solve the challenges ahead in an unusual way. Creative thinking requires self-motivation, uniqueness, self-confidence and most importantly the ability to take risks. Because taking risks is the only way that creativity ideas become reality. The term "risk" refers to the danger, but the idea that creative people are at risk and danger every day seems absurd. Nevertheless, the risk is really comes out in the