Innovation

From Wikimedia

Innovation is the specific function of entrepreneurship. It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth. Innovation is the effort to create purposeful, focused change in an enterprise’s economic or social potential. Innovation opportunities are found in a limited number of situations. These situations include: 1. Unexpected occurrences, 2. Incongruities, 3. Process needs, 4. Industry and market changes, 5. Demographic changes, 6. Changes in perception, and 7. New Knowledge.