True, an innovation is the conception of a new product or process, along with the proof that it will work.
Innovation- Innovation is the application of concepts in a way that results in the creation of new products or services or enhances the provision of existing ones. Innovation is defined as "a new or altered entity realizing or dispersing value" by ISO TC 279 in the standard ISO 56000:2020.
Process innovation is the term for adjustments made to increase a process's effectiveness. For instance, assembly lines represented a manufacturing innovation. Innovation in the business model is when processes are changed. Platforms for ridesharing, like Uber or Lyft, are one example of this.
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