Innovation

A very good definition of innovation is involves the application of better solutions that meet new requirements, unarticulated needs, or existing market needs (Maryville, 1992). This is accomplished through more effective products, processes, services, technologies or business models that are readily available or can be proactively shaped by markets, governments and society.

It is important to note that it includes experimentation or entrepreneurial pursuits; it involves both the potential for success and the risk of failure. Therefore, when assessing any success or failure, it is key to recognize the importance of experimentation and place a priority on strategic innovation. If innovations are well-developed, rational, and well-planned, negative outcomes should not inhibit a positive review.

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