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WHAT IS INNOVATION

Innovation deals more with a revolutionary new product or service than an evolutionary one, such as a line extension or an improvement to an existing item. Often an innovation has the potential to disrupt a market by changing the status quo and replacing what already exists with something totally unique.

A few examples in very different markets help to illustrate such a product or service.

First, let’s look at unmanned aircraft vehicles, or UAVs (aka “drones”), which are becoming popular not only as toys, but more for commercial purposes. These devices, when equipped with video cameras, can quickly and inexpensively survey farms, roads, and bridges, be used by the police to respond to disasters, or even deliver medical supplies to an injured or ill patient faster than an ambulance.

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