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In the context of innovation management, innovation involves both the creation or generation of new ideas, coupled with the commercialization of resultant products, processes, services or business models in markets. If a new idea is not yet commercialized, it cannot be termed an innovation.
As per the definition provided by Prof. T. Amabile, R. Conti et al. in their1996 paper, they define innovation as "...the successful implementation of creative ideas within an organization."
As per another paper by Luecke and Katz (2003), "[Innovation] is generally understood as the successful introduction of a better thing or method. [It] is the embodiment, combination, or synthesis of knowledge in original, relevant, valued new products, processes, or services."
Hope this would clarify your query.
