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An Innovation is a novel idea to an existing need.



  • (Wikipedia, 2016) ⇒ Retrieved:2016-5-1.
    • Innovation is defined simply as a "new idea, device, or method". However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. [1] This is accomplished through more-effective products, processes, services, technologies, or business models that are readily available to markets, governments and society. The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society. [2] While a novel device is often described as an innovation, in economics, management science, and other fields of practice and analysis, innovation is generally considered to be the result of a process that brings together various novel ideas in a way that they have an impact on society. In industrial economics, innovations are created and found empirically from services to meet the growing consumer demand. [3] [4] [5]
  1. Maryville, S (1992). “Entrepreneurship in the Business Curriculum". Journal of Education for Business. Vol. 68 No. 1, pp. 27-31.
  2. Based on Frankelius, P. (2009). “Questioning two myths in innovation literature". Journal of High Technology Management Research. Vol. 20, No. 1, pp. 40–51.