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The definition of a “good” innovation: What are some key factors to consider? Innovation is the process of creating a new product, service or idea that is different from what is already out there. Innovation can be described in three ways-tical, creative and conceptual. Thetical innovation refers to new ideas or concepts while creative innovation refers to products or services that are innovative in their approach or design. Conceptual innovation refers to the development of new ideas that don’t have a traditional business model and can be sold anywhere....