Q.What do you mean by Innovation?

Innovation is the act of introducing something new and valuable, such as a new product, process, market, source of supply or organisation. Schumpeter treated it as the central function of the entrepreneur.

Meaning

Innovation means doing something new or doing an existing thing in a new and better way. The economist Joseph Schumpeter described the entrepreneur mainly as an innovator. According to him innovation may take several forms: introducing a new product or quality, a new method of production, opening a new market, finding a new source of raw material, or creating a new form of organisation. Innovation converts an invention or idea into a commercially useful produc …