Innovation

The best definition we have found for Innovation*.

Innovation is the process by which an idea or invention is translated into a good or service for which someone will pay. To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination, and initiative in deriving greater or different value from resources, and encompasses all processes by which new ideas are generated and converted into useful products. Innovation results often from the application of a scientific or technical idea in decreasing the gap between the needs or expectations of the customers and the performance of the product.

* BusinessDictionary.com

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