Innovation refers to the process of creating or implementing new ideas, products, services, or methods that provide significant improvements or advancements over existing solutions. It encompasses both incremental changes, which enhance existing features or processes, and radical changes, which may transform industries or create entirely new markets. Innovation involves creativity and the application of novel concepts to address challenges, meet consumer demands, or improve efficiencies. It can occur in various contexts, including technology, business practices, social systems, and more, often driving competitive advantage and economic growth. Ultimately, innovation is essential for progress and often leads to improved quality of life and societal advancement.
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