The definition comes from the Latin word “novato,” which means “renewal,” and the prefix “in,” which translates literally as “in the direction.
Innovation is not any innovation, but only the one, with the help of which it was possible to significantly increase the efficiency of the process or qualitatively improve the product.
The key characteristic of innovation is its practical value and economic benefit. That is, innovation brings profit to commercial organizations. It allows you to survive the crisis, to improve the quality of work or increase the value of the improved goods.
For example, they implemented conveyor assembly of parts in a factory, and thus reduced costs and increased productivity. They can sell and earn more.
And innovation can also qualitatively change the life of the world community. Cellular communications, the Internet, and personal computers have already done this.