According to the Oxford English dictionary, innovation is defined as follows:
• the action or process of innovating.
• a new method, idea, product, etc.
From a business perspective innovation can be described as: The process of translating an idea or invention into a good or service that creates value, or for which customers will pay. Throughout the various segments of industry there are companies that create something truly unique, companies that innovate by adapting from these unique ideas but still creating something which is novel in its own right, and companies that simply copy these novel concepts or make obvious variations—the flavor and fragrance industry is no exception.
These different approaches to what once was called “new product development,” each have their merits, their risks and their rewards. However, without real and true innovation, markets and products die. The companies and organizations within the flavor and fragrance market that really innovate invest heavily in the belief that their investment will yield greater returns in the future. The question is, “As an industry, how do we encourage and protect innovation?” Here, Renessenz's Steve Pringle discusses the difficulties of innovation protections, determining what should be protected and more.