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.

Knowledge is a familiarity, awareness or understanding of someone or something, such as facts, information, descriptions, or skills, which is acquired through experience or education by perceiving, discovering, or learning.

A skill is the ability to carry out a task with pre-determined results often within a given amount of time, energy, or both.

Skills can often be divided into domain general and domain-specific skills.

For example, in the domain of work, some general skills would include time management, teamwork and leadership, self-motivation and others, whereas domain-specific skills would be useful only for a certain job.

Skill usually requires certain environmental stimuli and situations to assess the level of skill being shown and used.

Technology transfer, also called transfer of technology (TOT), is the process of transferring (disseminating) technology from the places and ingroups of its origination to wider distribution among more people and places.

It occurs along various axes: among universities, from universities to businesses, from large businesses to smaller ones, from governments to businesses, across borders, both formally and informally, and both openly and surreptitiously.

Often it occurs by concerted effort to share skills, knowledge, technologies, methods of manufacturing, samples of manufacturing, and facilities among governments or universities and other institutions to ensure that scientific and technological developments are accessible to a wider range of users who can then further develop and exploit the technology into new products, processes, applications, materials, or services.

It is closely related to (and may arguably be considered a subset of) knowledge transfer.

Horizontal transfer is the movement of technologies from one area to another.

At present transfer of technology (TOT) is primarily horizontal.

Vertical transfer occurs when technologies are moved from applied research centers to research and development departments.

Production is a process of workers combining various material inputs and immaterial inputs (plans, know-how) in order to make something for consumption (the output).

It is the act of creating output, a good or service which has value and contributes to the utility of individuals.