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Innovation definition: An innovation is a new thing or a new method of doing something. | Meaning, pronunciation, translations and examples English Dictionary | Thesaurus | Translator | Grammar | Scrabble | Blog
Innovation can be deï¬ned as the application of new ideas to the prodÂ­ucts, processes, or other aspects of the activities of a ï¬rm that lead to increased âvalue.â This âvalueâ is deï¬ned in a broad way to include higher value added for the ï¬rm and also beneï¬ts to consumers or other ï¬rms.opyrighted Material 24 1. The Nature and Importance of Innovation club can be formed in which members all pay a ï¬xed fee to join and thereÂ­after pay a low marginal cost price to use the facility.