Innovation is novelty with new economic value. It usually involves new products, services, business models, etc.
Entrepreneurship is the execution of an Innovative idea or concept. While innovation has potential, entrepreneurship is about bringing it from the mind into being.
Creativity is about the creation of newness, yet is not necessarily useful or productive. Invention is a new solution to a problem, usually involving design, technology or formulation. Innovation uses creativity and/or invention to create new economic value. Entrepreneurship brings innovation to market while trying to realize the potential value.
There are several approaches to measuring corporate innovation levels (the question of measuring personal innovation levels is still open). The traditional way was by number of patents obtained. Another method includes comparing the corporate market value with it’s future cash flow (by Christensen et al.). More popular methods include manager’s interviews (BCG, Forbes, Fast Companies and others).
Yes, every corporation can innovate. Yet the type and magnitude of each innovation should be carefully outlined. Not every organization has Google’s capacity to invest in innovation or the Dropbox ability to execute and disrupt the market. Innovation is a made-to-fit type strategy.
There are 3 main innovation paths: a) Mergers and Acquisitions - usually via Corporate Venture Capital or other methods. b) Intrapreneurship - i.e. developing internal innovative ventures. c) Open innovation which includes collaboration with external partners (users, supplies, students etc.)