innovation is not everything new, and it cannot just make more money. it must do more.

a correct definition is:

innovation creates new non-pecuniary value accepted by a critical mass of customers, end users, or citizens.

it is not innovation when a company adopts an internal solution that increases efficiency but changes nothing for customers or employees and only makes more money for the owners.

it is innovation when a company launches a new medicine that cures an illness and extends patients’ lives.

there is nothing wrong with making more money or improving efficiency, but stop calling it innovation. innovation is harder than that. if we keep calling everything innovation, we risk forgetting what it really is.