ENTREPRENEURSHIP

Detailed explanation-1: -Innovation is the manifestation of creativity into a usable product or service. In the entrepreneurial context, innovation is any new idea, process, or product, or a change to an existing product or process that adds value to that existing product or service. How is an invention different from an innovation?

Detailed explanation-2: -What Is Product Innovation? Product innovation is the process of creating a new product-or improving an existing one-to meet customers’ needs in a novel way. There are three key types of innovation: Sustaining innovation, in which a business consistently provides the highest quality products to its best customers.

Detailed explanation-3: -The Lightbulb. Although there’s some debate on who invented the lightbulb, no one denies its significance. It’s a great example of an innovative product that solved both explicit and latent pain points. Before lightbulbs, products like lanterns and oil lamps produced light but made houses more susceptible to fires.

Detailed explanation-4: -The first requirement of an innovative idea is originality. And that doesn’t mean improving on an existing idea by adding your own flavor. It means a coming up with a unique idea that introduces a new way of thinking to the market.

Detailed explanation-5: -Air fryers. Air-quality appliances. At-home fitness equipment. Baby products. Candles. Cannabis products. Car accessories. Cell phone accessories. More items •18-Apr-2023