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Innovation is a term for the process of creating novel ideas, technologies or methods that enhance the value of a company. It involves the development and application of new approaches, products, services or business models that encourage growth and improve efficiency. Innovation is widely considered one of the most important drivers for firm growth in the contemporary economy. Innovation represents the increasing pool of intangible intellectual capital generated by engineers and developers, showcasing their ability to think creatively, solve complex problems and generate unique solutions. By fostering a culture of innovation and investing in R&D, a company can stay ahead of the curve, adapt to changing market dynamics and hold onto a competitive advantage.