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'''Innovation''' is the practical implementation of [[ideas]] that result in the introduction of new [[goods]] or [[service (economics)|services]] or improvement in offering goods or services.<ref>{{Cite book|last=Schumpeter, Joseph A., 1883–1950|url=https://www.worldcat.org/oclc/8493721|title=The theory of economic development : an inquiry into profits, capital, credit, interest, and the business cycle|others=Opie, Redvers,, Elliott, John E.|year=1983|isbn=0-87855-698-2|location=New Brunswick, New Jersey|oclc=8493721}}</ref> [[ISO TC 279]] in the standard ISO 56000:2020 <ref>{{cite web | url = https://www.iso.org/obp/ui/#iso:std:iso:56000:ed-1:v1:en:term:3.1.1| title = ISO 56000:2020(en)Innovation management — Fundamentals and vocabulary | date = 2020| work = ISO }}</ref> defines innovation as "a new or changed entity realizing or redistributing [[value (economics)|value]]". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
Innovation often takes place through the development of more-effective [[product (business)|product]]s, processes, [[Service (economics)|service]]s, [[technologies]], [[art work]]s<ref>
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