Original Link: http://www.asymco.com/2014/04/16/innoveracy-misunderstanding-innovation/

Horace Dediu:

But there is another form of ignorance which seems to be universal: the inability to understand the concept and role of innovation. The way this is exhibited is in the misuse of the term and the inability to discern the difference between novelty, creation, invention and innovation. The result is a failure to understand the causes of success and failure in business and hence the conditions that lead to economic growth.