Innovation refers to the process of developing new ideas, products, or methods that significantly improve or transform existing concepts or practices. It involves creativity and the application of new technologies, insights, and practices to solve problems or meet needs in novel ways. Innovation can occur in various forms, such as product innovation, process innovation, incremental innovation, or disruptive innovation. It plays a crucial role in driving economic growth, enhancing efficiency, and fostering competitive advantage in various sectors. Ultimately, innovation is about turning creative ideas into tangible outcomes that add value.
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