The definition and categorization of innovation

Abstract

The goal of the study is to develop a theoretical model that builds on the earlier work of several authors. 
The article discusses the various definitions of innovation. Determining the many models, categories, 
and definitions of innovation is the goal of the study. We utilized a variety of bibliographical sources on 
efficiency and innovation in this essay, as well as a comparative study of definitions of innovation. 
Additionally, theoretical ideas were examined. The method was developed using market and 
technological perspectives and theoretical models of innovation definitions. The development of an 
innovation model and a comparative examination of concepts of innovation were the primary techniques 
used. The importance of innovation in making choices about investment projects or manufacturing 
investments has been highlighted in the literature. Benefits from innovation include time, money, and 
product savings as well as more efficient use of them. These days, one of the most crucial elements in 
economic growth, manufacturing, the development of a wide range of goods, and management decision-
making is innovation. Investment activity is also stimulated and positively impacted by innovation 
activity