Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.[1] ISO TC 279 in the standard ISO 56000:2020 [2] defines innovation as “a new or changed entity realizing or redistributing value”. Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
Innovation often takes place through the development of more-effective products, processes, services, technologies, art works[3] or business models that innovators make available to markets, governments and society. Innovation is related to, but not the same as, invention:[4] innovation is more apt to involve the practical implementation of an invention (i.e. new / improved ability) to make a meaningful impact in a market or society,[5] and not all innovations require a new invention.
Management is the coordination and administration of tasks to achieve a goal. Such administration activities include setting the organization’s strategy and coordinating the efforts of staff to accomplish these objectives through the application of available resources.
Entrepreneurship is the creation or extraction of value. … The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.