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It is an idea, practice or object that is perceived as new by an individual or businessunit ready for adoption.
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It is discovering renewed value in an existing product or creating a new productwith even greater value.
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It is reinforcement of your original business plan and provides a fresh strategy toaccelerate your initial planned Return On Investment.
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It is recognizing the true value of new knowledge and to offer a new product orservice that customers want. Hence, it is: Invention + Commercialization.
Innovation is the search for and the discovery, development, improvement, adoption
and commercialization of a new processes, new products and procedures.