WORLD HISTORY

Detailed explanation-1: -Innovation is a word that often is used in the business world and for companies this usually mean something risky, costly and time consuming (Costello & Prohaska, 2013). Innovation can also be explained as s new idea, product, device or novelty.

Detailed explanation-2: -innovation. noun. in·no·va·tion ˌin-ə-ˈvā-shən. : the introduction of something new. : a new idea, method, or device.

Detailed explanation-3: -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.

Detailed explanation-4: -Technological innovation involves new or improved technology, such as new type of machinery or alteration of some form of technology into a product, processes or service delivery methods.

Detailed explanation-5: -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.

Detailed explanation-6: -Product development–also called new product management–is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services.