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English definition of “innovation”

innovation

noun     /ˌɪnəʊˈveɪʃən/
[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 : He says universities should work with the private sector to foster innovation and entrepreneurship . financial / organizational / technological innovation Their success lies in combining an effective innovation process with superior product concept . → See also product innovation
(Definition of innovation noun from the Cambridge Business English Dictionary © Cambridge University Press)
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