Ideation is the creative process of generating, developing and communicating new ideas – they can be ideas for starting a new business, a new product, new content, or even just inventive ways of talking about or marketing an existing product or service. Ideation isn’t about sitting around in a dimly lit room waiting for the next brilliant idea — instead, it’s about pushing yourself to think differently.
Innovation is the process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.