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Innovation can be defined simply as a "new idea, device or method".

However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.

This is accomplished through more-effective products, processes, services, technologies, or business models that are readily available to markets, governments and society.

The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society.

It is related to, but not the same as, invention.

Innovation is often manifested via the engineering process.

The opposite of innovation is exnovation.

In contemporary business and science, a project is an individual or collaborative enterprise, possibly involving research or design, that is carefully planned, usually by the project assigned team, to achieve a particular aim.

Creativity is a phenomenon whereby something new and somehow valuable is formed.

The created item may be intangible (such as an idea, a scientific theory, a musical composition, or a joke) or a physical object (such as an invention, a literary work, or a painting).

Collaboration is the process of two or more people or organizations working together to realize or achieve something successfully.

Collaboration is very similar to, but more closely aligned than, cooperation.

Most collaboration requires leadership, although the form of leadership can be social within a decentralized and egalitarian group.

Teams that work collaboratively can obtain greater resources, recognition and reward when facing competition for finite resources.

Financial capital is any economic resource measured in terms of money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services to the sector of the economy upon which their operation is based, i.e. retail, corporate, investment banking, etc.