Innovation

Innovation refers to the process of creating new ideas, products, or methods that improve or transform existing practices and address unmet needs. It involves the application of creativity and technological advancements to develop solutions that enhance efficiency, effectiveness, and value. Innovation can manifest in various forms, including product innovation (developing new goods), process innovation (improving manufacturing or delivery methods), and business model innovation (changing the way a company creates and captures value). Importantly, innovation is not just about invention; it also encompasses the implementation of these new concepts in a way that leads to significant improvements or competitive advantages. It plays a crucial role in driving economic growth and fostering societal advancement by introducing novel approaches to challenging problems.