Innovation is the development of customer value through solutions that meet new, undefined, or existing market needs in unique ways. Solutions may include new or more effective products, processes, services, technologies, or ideas that are more readily available to markets, governments, and society.
Source: Boundless. “Benefits of Innovation.” Boundless Management. Boundless, 21 Jul. 2015. Retrieved 27 Apr. 2016 from https://www.boundless.com/management/textbooks/boundless-management-textbook/organizational-culture-and-innovation-4/adapting-and-innovating-36/benefits-of-innovation-193-1046/