innovation
noun
uk/ˌɪnəʊˈveɪʃən/ us [ 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