Innovation

Definition

An innovation is the implementation of a new or significantly improved product (good or service), or process, or a new marketing method, or a new organizational method. The minimum requirement for an innovation is that the product, process, marketing method or organizational method must be new (or significantly improved in the case of product or process) to the firm.

Source definition

OECD and Eurostat (2005), Oslo Manual: Guidelines for Collecting and Interpreting Innovation Data, §146, 148.