Innovation is the process of creating something new or improving something that already exists. It can involve introducing a product, service, process or idea that is different from what has come before. Innovation requires creativity, risk-taking and often involves collaboration between multiple parties. The goal of innovation is to create value by offering customers a better solution to their problems. This could be through the development of new products, services or processes that improve efficiency and reduce costs for customers. Innovation also drives economic growth by creating jobs and stimulating investment in research and development.