Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.[1] ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing value".[2] 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 products, processes, services, technologies, art works[3] or business models that innovators make available to markets, governments and society.
Innovation is related to, but not the same as, invention:[4] 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,[5] and not all innovations require a new invention.[6]
Technical innovation often manifests itself via the engineering process when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.
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Innovation is possible without anything we should identify as invention, and invention does not necessarily induce innovation.