Innovation is the process of transforming existing knowledge with the intention of placing new or improved products or services on the market.
Innovation is not necessarily the result of prior research and development :it may be limited to an original combination of existing elements.
Innovation is not just limited to technolog: it may also concern organization and service provision methods.
Want to know more about innovation (intellectual property, incentives, R&D ...)? Read more about it in the separate innovation chapter of this site.