Kanchan Tandel – Patil is a Product Owner at TCS who discusses the relationship between innovation and iteration. Iteration refers to making incremental improvements to an existing product to make it slightly better. Innovation involves rethinking a product from the ground up and adding new, unprecedented features. While just iterating can risk stagnating a product, innovation can also occur through the process of iteration, as seen with examples like Google AdWords and the iPhone. Both innovation and iteration are important for businesses to deliver projects quickly, include exciting new features, surprise users, and survive competition.