1 : the introduction of something new,
2 : a new idea, method, or device.
National Knowledge Commission(2007) defines Innovation in the following manner especially with respect to business in India:
‘Innovation is defined as a process by which varying degrees of measurable value enhancement is planned and achieved, in any commercial activity. This process may be breakthrough or incremental, and it may occur systematically in a company or sporadically; it may be achieved by:
introducing new or improved goods or services and/or
implementing new or improved operational processes and/ or
implementing new or improved organizational/ managerial processes
in order to improve market share, competitiveness and quality, while reducing costs.’
What new idea is there in removing a spring and putting an arm there? Hasn't the mechanical advantage of the 1929 innovation lost in duplication?
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