Innovation

Innovation refers to the process of translating an idea or invention into a good or service that creates value or for which customers will pay. It involves the introduction of something new, whether it be a product, service, process, or business model, that enhances efficiency, effectiveness, or utility. Innovation is not limited to technology; it can occur in various domains, including social, organizational, and economic contexts.

The concept encompasses both incremental advancements, like improvements to existing offerings, and radical breakthroughs, which can disrupt established markets and create new industries. Innovation is often driven by research and development, creativity, and the need to solve problems or meet changing consumer demands. It plays a crucial role in fostering competitive advantage, economic growth, and societal advancement by encouraging new ways of thinking and doing.