Innovation is a broad term that is used in a lot of contexts, but it essentially means a radical change in the method or process and the adoption of new technology. While some forms of innovation are more visible (think of the leaps that computers made), such as the computer industry, many innovations are not quite so easy to spot. Sometimes innovations are just an internal expansion of existing processes or technology. Some innovative products, like the iPod, are so well hidden that most people never even realize that the innovation was not a simple improvement on existing products.
The best ideas, then, are those that have not been seen before, and have not been around for a long time. The best ideas are those that have been around for decades but have never been popular among the general population. The best ideas are those that have not yet been tried out in a market – yet. So, how do you locate these hidden, under-publicized innovation ideas and make them popular?
A good place to start searching for these hidden best ideas is the innovation competition. The more ideas that are being patented and developed, the more likely the economy is to grow. Patents allow a business to claim ownership of an invention for a very long time. This is important because it ensures that the economy will not experience a recession whenever one of these best ideas makes it into the marketplace. The protection granted by patents is how intellectual property is normally developed through the process of innovation.