Innovation

Innovation refers to the process of developing new ideas, products, services, or methods that significantly improve or transform existing practices or technologies. It involves creativity and the application of new concepts to enhance efficiency, effectiveness, or user experience. Innovation can manifest in various forms, including technological advancements, novel business models, or improved processes. It is a key driver of economic growth and competitiveness, as it enables organizations and societies to adapt to changing markets, solve problems, and meet evolving needs. Generally, innovation can be categorized into incremental, sustaining, and radical innovations, each representing different levels of change and impact.