This document defines innovation and discusses different types of innovation. It begins by introducing innovation as the introduction of new goods, services, or processes. It then provides definitions of innovation from literature as the multi-stage process of transforming ideas into new products or services. The document distinguishes between sustaining and disruptive innovation, with disruptive innovation creating new markets. It also outlines four types of innovation: radical, incremental, architectural, and modular. The document notes innovation can come from various sources and be facilitated through research and development as well as other means. It concludes that organizational innovation programs aim to further goals and competitive positioning.