Innovation is commonly defined as the "carrying out of new combinations" that include "the introduction of new goods, ... new methods of production, ... the opening of new markets, ... the conquest of new sources of supply ... and the carrying out of a new organization of any industry"[1] However, many scholars and governmental organizations has 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[2] or business models that innovators make available to markets, governments and society. An innovation is something original and more effective and, as a consequence, new, that "breaks into" the market or society.[3] Innovation is related to, but not the same as, invention:[4] innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society,[5] and not all innovations require a new invention.[6] Technical Innovation often[quantify] manifests itself via the engineering process when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.

In economics, management science, and other fields of practice and analysis, innovation is generally considered[by whom?] to be the result of a process that brings together various novel ideas in such a way that they affect society.[citation needed] In industrial economics, innovations are created and found[by whom?] empirically from services to meet growing consumer demand.[7][8][9]