innovation

Innovation comes from the Latin word "innovatio," which means renewal or change. It is derived from the verb "innovare," which means to make something new or to renew. "Innovare" itself is formed by combining "in-" (into) and "novus" (new), indicating the process of introducing newness or change.

An innovation is a new or improved product or process (or a combination of them) that differs significantly from the unit's previous products or processes and has been made available to potential users (product) or put into use by the unit (process). 

This definition uses the generic term "unit" to describe the actor responsible for innovations. It refers to any institutional unit in any sector, including families and their individual members. 

Source: OECD/Eurostat (2018), Oslo Manual 2018: Guidelines for Collecting, Reporting and Using Data on Innovation 4th Edition, The Measurement of Scientific, Technological and Innovation Activities, OECD Publishing, Paris/Eurostat Luxembourg - https://doi.org/10.1787/9789264304604-en

The process of putting new ideas into practice.

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