Speciation is where two new species arise from a single species. This happens when two populations are prevented from interbreeding.
Reproductive isolation
If two populations are prevented from interbreeding, differences begin to accumulate in the two gene pools.
Gene flow is the movement of alleles between a population. When two populations are reproductively isolated, the gene flow of the populations is restricted.
The two populations are said to be reproductively isolated.
Accumulation of differences
If the gene pools are reproductively isolated for an extended period of time, they will eventually accumulate enough genetic differences that the two populations can no longer interbreed.
If individuals from the two populations can no longer interbreed to produce fertile offspring, the two populations are considered separate species.
Speciation
Speciation is when two (or more) populations have been reproductively isolated to produce two (or more) separate species.
This is how the thousands of species that exist today have been produced.