Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.
There are other useful definitions in this field, for example, creativity can be defined as consisting of a number of ideas, a number of diverse ideas and a number of novel ideas.
There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.
Money doesn't do it
Though material reward is a significant motivating factor, it is not the whole story.
The Economist (2003c) notes a paradox: an individual who becomes richer becomes happier, but when a society as a whole grows richer, nobody seems any more content. It is argued that people tend to compare their lot with that of others. In one striking example, students at Harvard University were asked whether they would prefer a)$50k a year while others got half that or b)$100k a year while others got twice as much. A majority chose a). They were happy as long as they were better off than others. "Other studies confirm that people are often more concerned about their income relative to others' than about their own absolute income."
Further, other motivating factors include task feasibility, distance to ideal self, self-determination and so forth.
These and other topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with an Innovation Management Bible, a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) from http://www.managing-creativity.com/
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Kal Bishop, MBA
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Kal Bishop is a management consultant based in London, UK. He has consulted in the visual media and software industries and for clients such as Toshiba and Transport for London. He has led Improv, creativity and innovation workshops, exhibited artwork in San Francisco, Los Angeles and London and written a number of screenplays. He is a passionate traveller. He can be reached on http://www.managing-creativity.com/