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Summary form only given. What is innovation? It's not always about inventing something entirely new (Sam Palmisano, 2003). Innovations have been considered the primary driver for economic growth for many key economies. Therefore, it is critical to develop a clear understanding of innovation, and its main characteristics. IBM has been an innovation leader in many computer-related hardware and software systems. More recently, service-oriented innovations have been emerging as the single most important contributor to the future growth of our industry. Interestingly, it presents many challenges as well as opportunities for our profession. Naturally, it would require one to extend the innovation ecosystem into service oriented space to ensure the realization of an on demand business vision.