Innovation is viewed as the application of better solutions that negate market needs.
Innovation can be defined simply as a `` new idea , device or method '' .. However , innovation is often also viewed as the application of better solutions that meet new requirements , unarticulated needs , or existing market needs .. market. Market ( economics ). This is accomplished through more-effective products , processes , services , technologies , or business models that are readily available to markets , governments and society .. processes. Procedure ( term ). technologies. technologies. society. society. The term `` innovation '' can be defined as something original and more effective and , as a consequence , new , that `` breaks into '' the market or society .. market. Market ( economics ). society. society. It is related to , but not the same as , invention .. invention. invention. Innovation is often manifested via the engineering process .. engineering. engineering. The opposite of innovation is exnovation .. exnovation. exnovation. While a novel device is often described as an innovation , in economics , management science , and other fields of practice and analysis , innovation is generally considered to be the result of a process that brings together various novel ideas in a way that they affect society .. society. society. In industrial economics , innovations are created and found empirically from services to meet the growing consumer demand .. industrial economics. industrial economics. consumer. consumer. demand. demand