Context
Innovation: Definition by Schilling, 2003 (Melissa Schilling, NYU)
The act of introducing a new device, method, or material for application to commercial or practical objectives.
New: Should not be existing before
Device: Tangible products
Method: Process, Business model (how something is being done)
Commercial or practical objectives: Should be useful.
Innovation Management: Innovation Management is about how organizations and their employees manage their innovation activities.