General Innovation

• Innovation is the successful exploitation of new ideas
• Innovation enables businesses to compete effectively in an increasingly competitive global environment
• Product innovation is the creation and launch of a good or service that is new, or a significant change to an earlier good or service
• Process innovation is the creation of a new way of making, providing or delivering a particular good or service
• The introduction of a new or significantly improved product
• The introduction of a new process for making or supplying a product
• Spending in areas such as R&D
• The introduction of new machinery or equipment for the purpose of innovation activities
• Training or the acquisition of external knowledge that is linked to innovation activities