Innovation

Innovation is the practical implementation of ideas that result in the creation or improvements of goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing value". Others give different definitions; most have a focus on newness, improvement, and the spread of ideas or technologies (see diffusion of innovation).

Innovation often takes place through the development 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 (i.e. new / improved ability) to make a meaningful impact in a market or in a society. Not all innovations require a new invention.

Jamshed Bharucha appears to assign generic innovation a key role in the fashioning of leaders.

Technical innovation often manifests itself through the engineering process when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.