Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity realizing or redistributing value".

What do u mean by innovation?

What does innovation mean? Innovation can refer to something new, such as an invention, or the practice of developing and introducing new things. An innovation is often a new product, but it can also be a new way of doing something or even a new way of thinking.

What is the best definition for innovation?

“Innovation is the creation, development and implementation of a new product, process or service, with the aim of improving efficiency, effectiveness or competitive advantage.” Government of New Zealand. “Innovation is the successful exploitation of new ideas.”