Innovation

Definition

Innovation refers to the creation or improvement of products, processes, or ideas that result in increased efficiency, productivity, or value. It involves introducing new methods or technologies that bring about positive changes in various sectors.

Analogy

Imagine innovation as a smartphone upgrade. Just like new features and advancements make your phone faster and more capable than its previous version, innovation brings advancements that enhance industries and society as a whole.

Related terms

Research & Development (R&D): The systematic investigation with the goal of discovering new knowledge or developing new products/processes.

Creative Destruction: The process where innovative ideas replace outdated technologies or practices leading to economic growth but also displacing existing industries.

Technological Progress: The advancement and development of technology over time which leads to improved efficiency and productivity.