Innovation is the development of new products, processes, or services that create value for a business or for its customers. In today’s fast-changing world that combines uncertainty, complexity, and unprecedented technological opportunities, the ability to innovate is a critically important ingredient that can make the difference between success or failure for a company.

Many of these opportunities are themselves created by the disruptive innovations of recent years. The advent of smartphones and social networks have created opportunities for countless new types of services, digital products, and business models. Similarly, the internet of things (IOT) has yielded vast new data streams for companies to harness for process improvements and other valuable innovations.

While it may seem like innovative companies or entrepreneurs are simply blessed with special creativity, turning a good idea into a profitable business requires more than just inspiration. Successful innovators actively cultivate an entrepreneurial mindset that helps them approach problem solving challenges from fresh angles. And both startups and established companies that seek to capture the benefits of innovation must put in place product development processes and other systems to ensure the flexibility and adaptability required to take advantage of these new opportunities.

Businesses of all sizes and across all industries need to be innovative to remain competitive in today’s ever-evolving global economy. Thus, a background in innovation can be a valuable asset for managerial roles at established companies seeking to foster this mindset in their employees and business development processes as well as the aspiring entrepreneurs looking to disrupt them.

In our globalized, interconnected world, innovation can yield opportunities for companies no matter where they are located. According to the Global Innovation Index, while the U.S., Switzerland, and Sweden rank as the most innovative companies in the world, South Korea is also in the top 10, and China, Vietnam, India, and the Philippines are all rising quickly up the rankings.

Absolutely. Innovation is a skill, and Coursera gives you opportunities to learn and practice this skill online. You can take courses and Specializations in innovation from University of Illinois at Urbana-Champaign, the University of Virginia, Imperial College London, Copenhagen Business School, HEC Paris, and Macquarie University. And because Coursera lets you view and complete course materials on a flexible schedule, you can learn about innovation online from these world-class universities no matter what your time zone you live in.