Innovation - SO

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Innovation

Innovation

1) The process by which an increase in value or the solution of a problem is achieved in a new way. In order for a product, idea or approach to qualify as an innovation, it must not have been applied before, it must be useful and costly factor in terms of achieving the goal, and it must be proven as a result of pilot applications. Innovations can be in the areas of technology, development approaches, institutional regulation, financial instruments or mechanisms.

2) The process and change made in order to innovate and progress in a certain area. New invention.


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