Abstract: The objective of this study is to identify different approaches to defining innovation at the organizational level. The research objective was to explore students’ perceptions of innovation in relation to related concepts and categories. Material and methods: A five-point Likert scale was used throughout the research process. A proprietary survey questionnaire was used as a research tool. Results: Analyses demonstrated that innovation involves novelty and uniqueness, involves multiple events and activities that lead to a set goal, and requires the integration of goals, tasks, functions, and collaborating entities. Relatively few respondents stated that every innovation requires adaptation of the social system. Conclusions: It is important to understand the different approaches to defining innovation because they influence the process of creating and implementing innovation in organizations. The diversity of the concept of “innovation” underscores the need for research and discussion on the topic.