Abstract
AbstractInnovation is an often‐misunderstood practice, according to Stevenson and Kaafarani. To be truly categorized as innovation, a product, company, or service must be unique; must deliver tangible value to the customer; and must be commercially viable. Their research uncovered four categories of innovation: transformational, category, marketplace, and operational. Each of these has defining characteristics and its own business attributes. Leaders must also find answers for the three Ws—who will buy, what is involved in development, and why will it make business sense to proceed.
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