Innovation is an overused term with hundreds of definitions spanning various disciplines, some focusing on process while others emphasizing outcomes. This foundational chapter examines innovation from multiple standpoints, establishing clear distinctions between innovation, novelty, and invention—concepts that are often confused. The chapter classifies innovation based on its purpose, intensity, and style. It also introduces precise definitions for innovation as viewed from within a corporation and defines the concept of “innovation opportunity” as the link between early concepts and realized in-market innovations. It provides readers with a comprehensive framework and solid definitions, helping shape a common “innovation language” and drive clarity and alignment across innovation stakeholders.