What is the Definition of Innovation?

Innovation is a word that is thrown around a lot these days, but what I find is that the definition of  innovation is different to everyone.

definition of innovation

According to Mr. Webster - Innovation is:

1. The introduction of something new

2. A new idea, method or device

Okay, so we can all agree that innovation is something new, but new in what way?  A new flavor of chip or soda?  Or is it something deeper an entirely new way to listen to music? Is it a new system for invoicing your clients?

When working with a client one of the first things we do is define innovation.  Innovation to us is any idea that is Meaningfully Unique.  Meaningful to three: you (the inventor),  the customer (either external or internal) and the company. Unique meaning new to the world something that has never been done before.  Now, take it even further.  Meaningfully Unique ideas often sell for a premium, create a virtual monopoly and in most cases are patentable.

What does innovation mean to you?