Innovation

Innovation refers to the process of creating new ideas, products, services, or methods that bring about significant improvements or changes. It involves the application of creative thinking to develop novel solutions that address existing problems or fulfill new demands in society or the marketplace. Innovation can occur in various forms, including technological advancements, business model changes, or unique approaches to processes and practices. It is a key driver of economic growth and competitiveness, as it can lead to increased efficiency, productivity, and improved quality of life. The concept encompasses both incremental innovations, which are small improvements over time, and disruptive innovations, which fundamentally alter industries or create entirely new markets.