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It’s the introduction of novelty in a given market or industry, such as new products, services, methods, sources of supply or organisation,” says Fredrik. “At the same time, there’s a strong emphasis on successful commercialisation that is, an innovation is more than an idea or an invention, it’s the result of taking it to market.”

“The purpose of innovation is to continuously grow and renew an enterprise with new or better products, more efficient processes, or enhanced business models,” adds Walter.

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