INNOVATION

Innovation can be simply defined as a “new idea, creative thoughts, new imaginations in form of device or method”.[1] However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.[2] Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society. The term “innovation” can be defined[by whom?] as something original and more effective and, as a consequence, new, that “breaks into” the market or society.[3] Innovations tend to be produced by outsiders and founders in startups, rather than existing organizations. Innovation is related to, but not the same as, invention,[4] as innovation is more apt to involve the practical implementation of an invention (i.e. new/improved ability) to make a meaningful impact in the market or society,[5] and not all innovations require an invention. Innovation often[quantify] manifests itself via the engineering process, when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.