To transform an idea into a commercial product or service that generates value to the user and profit to the producer.
Also, new idea, method, or device. The act of creating a new product or process. The act includes invention as well as the work required to bring an idea or concept into final form.
Innovation is sometimes described as the generation and/or acceptance of ideas, processes, products and service that a relevant adopting unit perceives as new. Innovation is the confluence of ideas, technology, markets, and money (sales).
For more New Product Development definitions see the NPD Resources Glossary.
[…] Innovation and New Product Development (NPD) rely on careful communication and a clear understanding of terms. If a fellow team member indicates the project is in “Stage 2,” do you know what he or she means? How about someone from another division or subsidiary within your corporation? […]