The document discusses different aspects of the innovation process including invention, types of innovations, and phases of innovation. It defines invention as the creation of something new that is useful. There are three types of innovations - product, process, and service innovations. Product innovation involves changes to the product, process innovation improves production methods, and service innovation develops new ways to provide services. The innovation process has two phases - the design phase which is creative and flexible, and the implementation phase which plans and executes the innovation.