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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 from the Cambridge Business English Dictionary © Cambridge University Press)
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