Innovation
Innovation
Innovation (pronunciation: /ˌɪnəˈveɪʃ(ə)n/) is the process of creating, developing, and implementing a new product, process, or service with the aim of improving efficiency, effectiveness, or competitive advantage.
Etymology
The term "innovation" originates from the Latin word innovatus, which is the past participle of innovare meaning "to renew or change," from in- "into" + novus "new".
Definition
Innovation can be defined as the process of translating an idea or invention into a good or service that creates value or for which customers will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products.
Types of Innovation
Innovation can be categorized into several types, including but not limited to:
- Product Innovation: The development of new products or improvements to existing products.
- Process Innovation: The implementation of a new or significantly improved production or delivery method.
- Organizational Innovation: The creation or alteration of business structures, practices, and models.
- Marketing Innovation: The development of new marketing methods with improvements in product design or packaging, product promotion or pricing.
Related Terms
- Invention: The creation of a product or introduction of a process for the first time.
- Creativity: The use of imagination or original ideas to create something; inventiveness.
- Disruptive Innovation: An innovation that creates a new market and value network and eventually disrupts an existing market and value network, displacing established market-leading firms, products, and alliances.
- Sustainable Innovation: Innovation that contributes to sustainable development by delivering social, environmental, and economic benefits for all stakeholders.
External links
- Medical encyclopedia article on Innovation
- Wikipedia's article - Innovation
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