The term innovation means a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organisations. Colloquially, the word "innovation" is often used as synonymous with the output of the process.The difference between Invention and InnovationInvention is the first occurrence of an idea for a new product or process, while innovation is the first attempt to carry it out into practice.The Innovation EquationInnovation Equation: Innovation = Creativity * Risk Taking. This equation means that to attain the innovation, you have to be creative and not be afraid of risks.Sourcewikipedia.com |
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