If you are looking for new products or services, you’ve likely heard of the term “innovation.” You might have wondered what it means. Innovation is the creation of new value or a new way of doing something. This is different from invention, which simply offers a product or service. A new idea can be valuable or not, but ultimately it’s up to the customer whether it adds value. Here are some examples of successful innovations from Google.
In the business world, innovation is the creation of something new that improves existing products and services. It can be a product or service, a process, or even a workflow. Innovation must be based on a viable business model, provide new value to customers, or enhance a business’ capabilities. Moreover, it must be unique. Once it’s adopted by customers, it can become a profitable business.