Innovation

From: Wikipedia

The classic definitions of innovation include:

* the act of introducing something new (American Heritage Dictionary).
* the introduction of something new (Merriam-Webster Online)
* a new idea, method or device (Merriam-Webster Online)
* the successful exploitation of new ideas (Department of Trade and Industry, UK).
* change that creates a new dimension of performance (Peter Drucker)
* the process of making improvements by introducing something new

In economics, business and government policy, the "something new" must be substantially different, not an insignificant change. In economics, the change must increase value, customer value, or producer value. Innovations are intended to make someone better off, and the succession of many innovations grows the whole economy.

The term innovation may refer to both radical and incremental changes to products, processes or services. The often unspoken goal of innovation is to solve a problem.

Innovation is an important topic in the study of economics, business, technology, sociology, and engineering. Since innovation is also considered a major driver of the economy, the factors that lead to innovation are also considered to be critical to policy makers.

Views from Tan Kin Lian:
Innovation is doing something new. It is a change to an existing process, and is able to bring significant improvements. It does not need to be perfect; it only needs to be significantly better. This approach, "to be better, not perfect" can encourage people to act promptly to introduce innovation.