In the modern business world, the word “innovation” has become quite popular. Innovation can mean a particular direction of development, a strategy, or a challenge. For example, if a new device is invented, it is an innovation. But producing the device, as well as its marketing and service, may require changes in manufacturing technology and corporate structure, which become part of the innovation process as well. At the same time, a competing company faces the need to invent and bring to market a new device to compete with the first company’s product. For the second company, innovation becomes a primary goal. To understand the concept of innovation, it is necessary to define it, explain its importance, and analyze the challenges it presents. In general, innovation is simply a new way of doing something. The concept is associated with finding new, original solutions for existing or arising issues. In today’s constantly and rapidly changing world, innovation is often seen as a prerequisite for success. In many different areas of life, old goals quickly become unattainable through the same old operation, and new goals appear. New approaches, strategies, ideas, and inventions are all examples of innovation. Innovation can apply to all stages of problem-solving, from planning and preparation to evaluation. One of the most distinctive features of innovation in the modern world is the necessity for speed: everything is sought to be done faster. For example, Taco Bell continuously comes up with solutions to make its services, from ordering to delivery, faster and more efficient (Safian, 2016). Another example is corporate innovation, which typically deals with workforce and workload optimization. The general trend is to reduce the time that employees spend in the office and to provide opportunities for more flexible, self-arranged schedules, guaranteeing full-time privileges and a high salary (Lindzon, 2016). It is seen as “a symptom of the disappearance of stable, full-time employment” (Lindzon, 2016, para. 11) and demonstrates the necessity of innovative solutions to redefine the very concept of labor. The importance of innovation is evident given the constant changes in demand, conditions, and competition. Although the word “innovation” has rather a positive connotation, researchers within recent years have often raised an important question: “Is innovation always good?” (Fagerberg, Martin, & Andersen, 2013, p. 9). Analysis suggests that sometimes innovative practices benefit a small group at the expense of larger groups. To prevent these negative effects, researchers emphasize the importance of planning and predicting consequences, which is a matter of effort in “policy and scholarly work, namely how to design mechanisms—or selection environments—that prevent such socially destructive innovations from spreading” (Fagerberg et al., 2013, p. 10). However, innovation is primarily seen as the right direction for development. Based on a survey, Urbancová (2013) concludes that “organisations find it important to innovate and support an innovative culture” (p. 82). The main incentive for innovation here is striving to stay competitive in their sphere. Besides advantages in competition, there are two