This opening chapter sets the context for the following chapters by first providing a working definition of innovation. This definition distinguishes innovation from invention based on the fundamental principles of novelty and value creation. Importantly, value is introduced in the context of diverse impact rather than in the limited context of monetary worth. Furthermore, innovation is initially framed according to various forms, which include product and processes, and various degrees of impact, which range from radical disruption to incremental change. By distinguishing innovation from invention and outlining the diversity of innovative principles, this chapter provides a platform from which to explore innovation beyond the conventional focus on market-based practices within the scientific and technological domains.