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Satellites do a lot of things—they help people navigate from one place to another, they deliver television programming, they search for new stars and exo-planets and they enable the U.S. nuclear deterrence strategy. But ...

Pesticide companies leverage regulations for financial gains

Pesticides are present in many food products and play a central role in the production of traded agriculture, giving them global and economic significance—and necessitating proper regulation. Yet, some pesticide companies ...

How gliding animals fine-tuned the rules of evolution

A study of gliding animals has challenged the idea that evolutionary innovations—adaptations that bring new abilities and advantages—spur the origin of other new body types and other characteristics in descendant species.

Start-ups must be aware of star employee pitfalls

For start-up companies looking to launch a new product, hiring star inventors who are accomplished and have a strong record of performance seems like a no brainer.

What if we ran society not based on the market but on evidence?

Following the successful Brexit campaign, Dominic Cummings—the then campaign director of Vote Leave—published a series of blog posts describing how the campaign was run and what his plans were for a successful civil ...

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Innovation

The term innovation refers to a new way of doing something. It may refer to incremental, radical, and revolutionary changes in thinking, products, processes, or organizations. A distinction is typically made between invention, an idea made manifest, and innovation, ideas applied successfully. (Mckeown 2008) In many fields, something new must be substantially different to be innovative, not an insignificant change, e.g., in the arts, economics, business and government policy. In economics the change must increase value, customer value, or producer value. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.

Innovation is an important topic in the study of economics, business, design, technology, sociology, and engineering. Colloquially, the word "innovation" is often synonymous with the output of the process. However, economists tend to focus on the process itself, from the origination of an idea to its transformation into something useful, to its implementation; and on the system within which the process of innovation unfolds. Since innovation is also considered a major driver of the economy, especially when it leads to increasing productivity, the factors that lead to innovation are also considered to be critical to policy makers.

Those who are directly responsible for application of the innovation are often called pioneers in their field, whether they are individuals or organisations.

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