Overview
Innovation describes the development and economic implementation of a new idea or solution. For this solution to actually be innovative, it needs to have a measurable added value for the customers.
Examples
Telecommunication (Telephones)
Telecommunication was innovative because it added the gain of not needing to wait several days, weeks or even months between messages from friends and family that didn’t live nearby. Even more so for businesses. They now could react faster to market changes or political changes in their market.