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Innovation refers to creating more effective processes, products, and ideas . For a business, it could mean implementing new ideas, improving services or creating dynamic products . It can act as a catalyst that can make your business grow and can help you adapt in the marketplace.How does innovation work in companies?
In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers. In a social context, innovation helps create new methods for alliance creation, joint venturing, flexible work hours, and creation of buyers' purchasing power.What is innovation activities?
Innovation activities are all scientific, technological, organisational, financial and commercial steps which actually, or are intended to, lead to the implementation of innovations. Some innovation activities are themselves innovative, others are not novel activities but are necessary for the implementation of innovations.