ENTREPRENEURSHIP

Detailed explanation-1: -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".

Detailed explanation-2: -Innovation implementation, in contrast, is “the transition period during which [individuals] ideally become increasingly skillful, consistent, and committed in their use of an innovation.

Detailed explanation-3: -The purpose of innovation is to create business value. Value can be defined in many ways, such as incremental improvements to existing products, the creation of entirely new products and services, or reducing cost.

Detailed explanation-4: -Paul Sloane explains the difference this way: “Creativity is the capability or act of conceiving something original or unusual, ‘’ while “Innovation is the implementation of something new.” Every invention, Sloane argues, is an innovation, because it is an implementation of a novel idea.