What is Innovation?

A definition of Innovation

“Innovation refers to the process of creating new ideas, products, or methods that improve efficiency, effectiveness, or value for businesses or consumers.”

Innovation in Business Glossary - What is an Innovation?

Business Glossary > What is Innovation?


Examples of Innovation in a Sentence:

Innovation drives progress in technology and industry.

Companies often invest in innovation to stay competitive.

Innovation can lead to groundbreaking products and services.

Why is Innovation Important in Business?

Innovation is crucial for maintaining competitiveness and fostering growth in businesses. It allows companies to adapt to changing markets, meet customer needs, and drive economic progress. By investing in innovation, businesses can develop better solutions and create value.

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Associated Terms

Here are some associated business terms and synonyms for “Innovation”:

  • Creativity
  • Invention
  • Improvement

Apple Innovation

Apple is renowned for its innovation, having transformed the technology market with products like the iPhone and iPad. These innovations not only enhanced the user experience but also set new standards in the tech industry.

Final Notes on Innovation

When businesses focus on innovation, they should consider the following:

  • Adapting to market trends
  • Investing in research and development
  • Enhancing customer experiences

Recognizing these factors is crucial for successfully implementing innovative strategies.


This has been a definition of Innovation meaning.

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