innovation

Vocabulary Word

Definition

Innovation is about creating something new or improving something in a unique way. It's all about making things better and more efficient - like inventing a new technology or refining an existing process.

Examples in Different Contexts

In corporate strategy, fostering 'innovation' is paramount. A CEO might say, 'Cultivating innovation is crucial to maintain our competitive edge, adapt to market dynamics, and continuously deliver enhanced value to our customers.'

Practice Scenarios

Creative

Scenario:

Our competitor's ads are resonating with younger audiences. We need a fresh approach in our creative content.

Response:

Definitely. Let's encourage our team's creativity and foster an environment of innovation.

Tech

Scenario:

Our software has had several bugs lately. We need an effective solution, not just quick fixes.

Response:

Right. We should invest in research and innovation to come up with a long-term solution for these bugs.