Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 on innovation management proposes in the standards, ISO 56000:2020 to define innovation as "a new or changed entity creating or redistributing value". However, many scholars and governmental organizations have given their own definition of the concept. Some common element in the different definitions is a focus on newness, improvement and spread. It is also often viewed as taking place through the provision of more-effective products, processes, services, technologies, art works or business models that innovators make available to markets, governments and society. Innovation is related to, but not the same as, invention: innovation is more apt to involve the practical implementation of an invention to make a meaningful impact in a market or society, and not all innovations require a new invention.Read more on Wikipedia
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