Innovation is the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society. Innovation differs from invention in that innovation refers to the use of a new idea or method, whereas invention refers more directly to the creation of the idea or method itself.

Innovation is linked to performance and growth through improvements in efficiency, productivity, quality, competitive positioning and market share whilst Creativity refers to the phenomenon whereby a person creates something new (a product, solution, artwork, literary work, joke, etc.) that has some kind of value.

The infograph below explains and visualizes the impact of innovation and what drives it. The data was collected from an independent survey of 1,000 senior business executives across 12 countries on the state and perception of innovation.

Click image to enlarge

Founder @Alltopstartups. Blogger. Entrepreneur. Author. Contributor at Entrepreneur Magazine. Curator at Postanly (a free weekly newsletter that delivers the most insightful long-form posts from top publishers)