Innovation

Innovation refers to the process of creating or implementing new ideas, products, services, or methods that offer improvements or advancements over existing solutions. It involves the development of novel concepts that can enhance efficiency, effectiveness, and value in various fields, including technology, business, science, and social systems. Innovation can manifest in incremental changes—small, continuous improvements—or radical transformations that disrupt traditional practices and create entirely new markets. At its core, innovation aims to address unmet needs, solve problems, and capitalize on emerging opportunities, often through creative thinking, research and development, and experimentation. It plays a crucial role in driving economic growth, fostering competition, and enhancing quality of life.