Innovation  

• Innovation is the engine that drives progress by providing breakthrough ideas and practical solutions. To define innovation in business terms we need to shift our perspective and focus. 

• Specifically, when we are referring to innovation in the business world, we mean the introduction of something new that creates value, whether it’s a new product or service, a business model, or a process. 

Innovative Products

• The iPod, which revolutionized the way people listen to music by offering a portable, digital alternative to CDs
• The Tesla Model S, which has pushed the boundaries of electric vehicle design and performance
• The Nest thermostat, which uses smart technology to learn a user’s schedule and adjust the temperature accordingly

Innovative Processes

• Toyota’s production system, which introduced the concept of lean manufacturing and has been widely adopted in the automotive industry
• Online education platforms, which have made it possible for people to learn from anywhere in the world
• Telemedicine, which allows patients to receive medical care remotely through video conferencing or other technologies

Innovative Business Models

• Airbnb, which created a new way for people to earn money by renting out their homes or apartments
• Netflix, which disrupted the traditional model of home entertainment by offering streaming video on demand
• PayPal, which revolutionized the way people make online payments by offering a secure, easy-to-use platform