Innovation in its modern meaning is “a new idea, creative thoughts, new imaginations in form of device or method”. Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society. An innovation is something original and more effective and, as a consequence, new, that “breaks into” the market or society. as innovation is more apt to involve the practical implementation of an invention to make a meaningful impact in the market or society, and not all innovations require an invention.
] 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 such a way that they affect society.
From the 1400s through the 1600s, prior to early American settlement, the concept of “innovation” was pejorative.
