Etymology of Innovation

The etymology of the word innovation reveals that it comes from the Latin word innovare which means to renew or change. Therefore, innovation is not just about introducing something new but it's about renewing or changing what already exists. This means that innovation is different from both invention and improvement. Invention refers more directly to the creation of new ideas or methods, while innovation involves using a better and novel idea or method. Improvement, on the other hand, is about doing something better while innovation is about doing something differently. Moreover, innovation is not an economic term by origin but dates back to at least the Middle Ages. Therefore, we can conclude that innovation is an evolutionary process that requires people to change their decisions and try something new.