Innovation refers to the determination if an innovation is a “new and improved” concept taken to the next level (evolutionary), or the rare innovation that revolutionizes a technology or concept to the product or services.

For more on determining if you have a good business idea, check out Going Beyond the Napkin: How Do You Know If Your Idea Is Any Good? and How Do You Know If You Have a Good Idea for a Business?

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Bplans GlossaryBplans Glossary

At Bplans, it's our goal to make it easy for you to start and run your business. The Bplans glossary of common business terms will help you learn about key small business and entrepreneurship topics.