Definition of innovation

The word "innovation" first appeared in the English language in the late 19th century. It comes from the Latin word "innovare," which combines the prefix "in-," meaning "not," and the verb "novare," meaning "to make new." In Latin, "innovare" was used to refer to restoring something to its original state, as in "renewing" or "reviving" it. As the English language evolved, the meaning of "innovation" shifted to refer to something entirely new or original. In business and technology, innovation became a key concept as companies sought to differentiate themselves and gain a competitive edge by introducing new products, services, and business models. Today, innovation continues to be a fundamental part of many industries, as organizations invest in research and development to drive growth and create value for their customers. The term "innovation" has also expanded to encompass a broader set of activities, such as process innovation, business model innovation, and social innovation, reflecting the diverse ways in which new ideas and approaches can lead to positive change. In summary, the word "innovation" derives from the Latin word "innovare," but its meaning has evolved over time to reflect the ongoing importance of new ideas, technologies, and solutions in a fast-changing global economy.