0Innovation or Invention can be 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. 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. It is related to, but not the same as, invention. Innovation is often manifested via the engineering process. The opposite of innovation is a renovation.
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 affect society. In industrial economics, innovations are created and found empirically from services to meet the growing consumer demand. The invention is often a creative process. An open and curious mind allows an inventor to see beyond what is known. Seeing a new possibility, connection or relationship can spark an invention. Inventive thinking frequently involves combining concepts or elements from different realms that would not normally be put together. Sometimes investors disregard the boundaries between distinctly separate territories or fields. Several concepts may be considered when thinking about invention.
