Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as “a new or changed entity realizing or redistributing value”.

Innovation can be a new product, service, process, or business model. It can also be a new way of thinking about a problem or a new way of doing things.

Innovation is important because it can help businesses to grow and succeed. It can also help to improve the lives of people by providing new and better products and services.

There are many different types of innovation. Some of the most common types of innovation include:

Innovation can be driven by a number of factors, including technological change, market demand, and government policy.

There are many benefits to innovation. Some of the benefits of innovation include:

There are also some challenges associated with innovation. Some of the challenges of innovation include:

Despite the challenges, innovation is essential for businesses that want to succeed in today’s competitive environment. Innovation can help businesses to grow, improve their products and services, and create new market opportunities.