Economy & Business, Volume 11, 2017

Abstract: Innovation is the main driver of economic progress. Since 1984, the European Union has run its research and innovation policy and funding on the basis of multiannual framework programmes. Horizon 2020 is the biggest EU research and innovation programme ever. Almost 80 billion euro will be invested in the period 2014–2020 in research and innovation projects. Europe’s future is connected to its power to innovate: to turn great ideas into products and services that bring growth and create jobs. But what does innovation really mean? People often use this word. They use it because it is popular, it is modern, creates image. Thus, innovation is often used as an empty word, with no meaning. Calling a thing an innovation does not make it so. Nowadays, it is critically important for everyone to understand and to use properly the term of innovation. Creating innovation that solves important problems and ensures economic growth starts with its proper understanding. Understanding innovation is essential. This paper presents a thorough research of different definitions of innovation explained in the scientific literature. This paper compares different authors’ views and perceptions of innovation. These views change over time. Having the great idea and creating something new is becoming just a basic element. In this paper I try to present my deep understanding of innovation that gives that empty word a meaningful content. A content that gives the confidence to say “Yes, we innovate and that makes us grow”.