One of the handiest words in the world of business is “innovation.” It is right up there with “new and improved” as a shorthand way of describing just about anything.
What a disservice to a word that has formed the underpinning of a massive shift in the entire business landscape. And no place is that shift more apparent — or significant — than to the economy of the Chicago region.
To explain what I mean, it is important first to scrape away the buzzword quality of the word “innovation” and get to the heart of a clear and simple definition: Find a need in the marketplace, and create a product or service to fulfill the need and capture its value. This can be economic value or social value.
