Innovation

Definition

Innovation refers to the creation or improvement of new products, processes, or ideas that result in increased productivity, efficiency, or value. It involves introducing something new or different into existing markets or creating entirely new markets.

Related terms

Research and Development (R&D): The process of discovering new knowledge or improving existing technology to drive innovation.

Entrepreneurship: The ability to identify opportunities, take risks, and organize resources to create innovative products or start new businesses.

Creative Destruction: The concept that innovation can lead to the replacement of outdated technologies or industries with newer and more efficient ones.