Innovation is the process of translating an idea or invention into a good or service that creates value and results.
Innovation vs Research
- Research is about gaining knowledge
- Innovation translates knowledge into usable goods and services and is targeted on what CA want to achieve.
Innovation Procurement (IP) means undertake procurement procedure in a way that stimulates the supply chain to invest in developing better and in more innovative goods and services to meet the unmet needs of a public body.
The aim of IP is to enable public bodies to have the goods and services that fulfil their unmet needs, when they need them at a price that reflects the value that the organisation and the society places on them.
Innovation procurement encompasses both the buying of the process of innovation – with partial outcomes – and/or the buying of the outcomes of innovation created by others
Commission Notice on Guidance on Inovation Procurement, 2018.