From the source that I’ve found said that innovation is the process by which an idea or invention is translated into a good or service for which people will pay, or something that results from this process.
To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination, and initiative in deriving greater or different value from resources, and encompasses all processes by which new ideas are generated and converted into useful products.
We need innovation because we need something better. So, let’s create an innovation for a better life.