Glossary of Terms

Tool | Step 1 | View All Steps

To help a community get aligned on this work, it is often helpful to have a set of common working terms. The following section includes a glossary of terms related to inclusive innovation and economic development.

Innovation is the creation and adoption of new products, services, processes, and business models to yield value (both economic and non-economic). It also includes the recombination of existing products, services, and ideas in new ways.
Entrepreneur refers to someone who starts a new innovative organization.
Community is the geographic boundary in which inclusive innovation efforts will be focused. When considering local assets, smaller/micropolitan communities should include assets available at the regional level.
Inclusion exists when under-connected individuals are participating and/or being actively recruited and engaged in ways that build social capital across diverse networks. Inclusive innovation ensures that the local innovation ecosystem is also intentionally fostering the growth of innovative organizations led and owned by minorities, women, and other under-connected groups.
Quality refers to the usefulness or value that the asset—as a whole—brings to the innovation ecosystem. Consider all relevant dimensions (e.g., intrinsic value, accessibility, cost, flexibility).

NOTE: Advancing inclusive innovation effort is hard work. There is frequently a lack of trust and divides that have been built up over generations. Through sustained, honest, and open dialogue it is hoped that your community can establish new relationships and communications channels that help foster an aligned vision about what a new future can look like, produce a set of actionable strategies to achieve these outcomes, and increase the collective will and commitment to put these ideas into action.

Get Updates As They Happen