Innovation

Innovation is the practical implementation of <a href="/facts/Ideas/zK4ar1yv">ideas</a> that result in the introduction of new <a href="/facts/Goods/AtK6gQh2">goods</a> or <a href="/facts/Service_(economics)/B7L4tR8r">services</a> or improvement in offering goods or services. <a href="/facts/ISO_TC_279/J3kmeKT9">ISO TC 279</a> in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing <a href="/facts/Value_(economics)/76jsyB6X">value</a>". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
Innovation often takes place through the development of more-effective <a href="/facts/Product_(business)/l9P9fUJa">products</a>, processes, <a href="/facts/Service_(economics)/B7L4tR8r">services</a>, <a href="/facts/Technologies/9Uav5WVR">technologies</a>, <a href="/facts/Art_work/Kr7f0ugA">art works</a>
or <a href="/facts/Business_model/TL9XXsQa">business models</a> that innovators make available to <a href="/facts/Market_(economics)/6RfCU3fH">markets</a>, <a href="/facts/Government/N4bYL0VC">governments</a> and <a href="/facts/Society/PulvrYfa">society</a>.
Innovation is related to, but not the same as, <a href="/facts/Invention/P3LdUHBY">invention</a>: innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society, and not all innovations require a new invention.
Technical innovation often manifests itself via the <a href="/facts/Engineering/RFVg8H3I">engineering</a> process when the problem being solved is of a technical or scientific nature. The opposite of innovation is <a href="/facts/Exnovation/wJvWkVzQ">exnovation</a>.

Innovation open-in-new

Innovation