Innovation

Innovation refers to the process of creating and implementing new ideas, products, services, or methods that significantly improve or transform existing practices. It involves both the generation of ideas and the effective execution of those ideas to create value or solve problems. Innovation can occur in various contexts, including technology, business, social practices, and more, and can be categorized into different types such as incremental innovation (small improvements) and disruptive innovation (radical changes that create new markets). The ultimate goal of innovation is to enhance efficiency, effectiveness, and competitiveness, often leading to economic growth and societal advancement.