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- DictionaryIn·no·va·tion/ˌinəˈvāSH(ə)n/
noun
- 1. the action or process of innovating: "innovation is crucial to the continuing success of any organization"
noun. uk / ˌɪnəʊˈveɪʃ ə n / us. Add to word list. [ C ] a new idea, design, product, etc.: innovations in sth recent innovations in technology. Product innovations lead to an increase in effective demand which encourages an increase in investment and employment. [ U ] the development of new products, designs, or ideas:
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.
noun. uk / ˌɪnəʊˈveɪʃ ə n / us. Add to word list. [ C ] a new idea, design, product, etc.: innovations in sth recent innovations in technology. Product innovations lead to an increase in effective demand which encourages an increase in investment and employment. [ U ] the development of new products, designs, or ideas:
Aug 17, 2022 · While many imagine that innovation is solely about creativity and generating ideas, at its core, innovation is a matter of resource allocation. To put it another way: it’s one thing to frame innovation as a catalyst for growth, and another to act upon it by refocusing people, assets, and management attention on the organization’s best ideas.
Innovation can refer to something new, such as an invention, or the practice of developing and introducing new things. An innovation is often a new product, but it can also be a new way of doing something or even a new way of thinking.
[countable] innovation (in something) a new idea, way of doing something, etc. that has been introduced or discovered recent innovations in steel-making technology. See innovation in the Oxford Advanced Learner's Dictionary. Check pronunciation: innovation. Definition of innovation noun in Oxford Advanced American Dictionary.
1. [count] : a new idea, device, or method. She is responsible for many innovations in her field. the latest innovation in computer technology. 2. [noncount] : the act or process of introducing new ideas, devices, or methods. Through technology and innovation, they found ways to get better results with less work.
