Some of the key points that came out of this pannel were
innovation is where a need, a creative solution and a practical application all intersect (see diagram below)
innovation is born out of a need, a problem that needs solving or a driven passion for improvement.
innovation is most sucessful in companies were there is culture of innovation that permeates through the entire organisation. This usually means that the leader of the organisation has a philosophy of innovation.
innovation doesn't have to be a new idea, it is often several old ideas put together in a different way.
while a lot of innovation is technology driven, there is also a large scope for being innovate in processes and other areas in an organisation.
concensus was that small businesses are more likely to be more innovative than large businesses. Large businesses often say they are innovative, however it is often easier for large organisations to throw resources at a problem, which often does not lead to an innovative solution. Small business on the other hand have very limited resources and are force to drive innovation to solve problems with limited resources.