Description: Finder Banking Innovation Awards 2023, Finder Lending Innovation Awards 2023, Finder Lending Innovation Awards 2022, Finder Banking Innovation Awards 2022, Finder Banking Innovation Awards 2021, Finder Banking & Investing Innovation Awards 2023
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Innovation is a new idea, or more-effective device or process. Innovation can be viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. This is accomplished through more-effective products , processes , services , technologies , or business models that are readily available to markets , governments and society . The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the mar
While a novel device is often described as an innovation, in economics, management science, and other fields of practice and analysis, innovation is generally considered to be the result of a process that brings together various novel ideas in a way that they have an impact on society.
In business and economics, innovation can be a catalyst to growth. With rapid advancements in transportation and communications over the past few decades, the old world concepts of factor endowments and comparative advantage which focused on an area’s unique inputs are outmoded for today’s global economy . Economist Joseph Schumpeter , who contributed greatly to the study of innovation economics , argued that industries must incessantly revolutionize the economic structure from within, that is innovate with