What is a Innovation ?
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Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, service or processes, in order to advance, compete and differentiate themselves successfully in their marketplace.
Innovation is production or adoption, assimilation, and exploitation of a value-added novelty in economic and social spheres; renewal and enlargement of products, services, and markets; development of new methods of production; and the establishment of new management systems. It is both a process and an outcome.
American sociologist Everett Rogers, defined it as follows:
“An idea, practice, or object that is perceived as new by an individual or other unit of adoption”.