Meaning & Definition of word "Innovation"
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Innovation
/ˌɪnəˈveɪʃən/
noun:
- 1. The act or process of introducing new ideas, devices, or methods.
- Example: The company's innovation in renewable energy technology has set a new standard in the industry.
- 2. A new idea or method that has been introduced.
- Example: The smartphone was a major innovation that changed how people communicate.
- 3. The development of new products or services, or making improvements to existing ones.
- Example: Innovation in public transportation can lead to more efficient and eco-friendly systems.
- 4. The application of better solutions that meet new requirements, unarticulated needs, or existing market needs.
- Example: Her innovation in urban farming has increased food production in cities.
Etymology
From Latin 'innovatio', meaning 'renewal or change'.
Common Phrases and Expressions
disruptive innovation:
An innovation that creates a new market and value network, potentially displacing established market-leading firms.
incremental innovation:
Improvements or upgrades made to existing products or services.
open innovation:
A paradigm that suggests firms can and should use external ideas and technologies.
Related Words
invent:
To create or design something that has not existed before.
creativity:
The use of imagination or original ideas to create something.
technology:
The application of scientific knowledge for practical purposes.
Slang Meanings of innovation
Meaning: Disruptor
Example Sentence: That new app is a true disruptor in the social media space.
Meaning: Game changer
Example Sentence: The electric car is a game changer for the automotive industry.