Innovation

Innovation refers to the process of developing new ideas, products, services, or methods that significantly improve or transform existing practices. It involves creativity and the application of knowledge to generate novel solutions that meet evolving needs or address challenges. Innovation can occur in various forms, including technological advancements, business model changes, or improvements in processes. It is often driven by research and development, and can occur in both incremental forms, which involve small improvements, and disruptive forms, which introduce groundbreaking changes that redefine industries or markets. Innovation is a key driver of economic growth, competitiveness, and social progress, as it fosters efficiency, enhances quality of life, and enables organizations and societies to adapt to changing environments.