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The owners of a local coffee shop routinely try to develop new menu items and seek better ways of helping their customers. Innovation is the result of their efforts.
The process of conceptualising brand-new products, processes, and ideas, as well as of approaching already-existing products, processes, and ideas in novel ways, is referred to as innovation. This process can be carried out by an individual or an organisation.
A useful and novel product, service, business model, or strategy is considered innovative. Innovations don't always involve significant advances in technology or novel business strategies; they can be as straightforward as improvements to customer service at a company or the addition of features to an existing product.
Innovation is defined as an invention or something new. Innovation occurs when a business creates a novel new product, like a brand-new tablet PC.
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