Innovation

/ˌɪnəˈveɪʃən/

Meaning & Definition

noun

The act or process of introducing new ideas, devices, or methods.

The company's innovation in renewable energy technology has set a new standard in the industry.

A new idea or method that has been introduced.

The smartphone was a major innovation that changed how people communicate.

The development of new products or services, or making improvements to existing ones.

Innovation in public transportation can lead to more efficient and eco-friendly systems.

The application of better solutions that meet new requirements, unarticulated needs, or existing market needs.

Her innovation in urban farming has increased food production in cities.

From Latin 'innovatio', meaning 'renewal or change'.

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.

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.

Disruptor

That new app is a true disruptor in the social media space.

Game changer

The electric car is a game changer for the automotive industry.