ENTREPRENEURSHIP

Detailed explanation-1: -The term “Innovation” is derived from the Latin word, novus, which means new or young or novel. Innovation can therefore be defined simply as a “new idea, device, or method.

Detailed explanation-2: -Innovation is a process by which a domain, a product, or a service is renewed and brought up to date by applying new processes, introducing new techniques, or establishing successful ideas to create new value. The creation of value is a defining characteristic of innovation.

Detailed explanation-3: -Innovation in its modern meaning is “a new idea, creative thoughts, new imaginations in form of device or method”. Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.

Detailed explanation-4: -It means a coming up with a unique idea that introduces a new way of thinking to the market.

Detailed explanation-5: -Innovation generally refers to changing processes or creating more effective processes, products and ideas. For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services.