The document discusses key aspects of innovation including that it involves new combinations that introduce new products or processes. Innovation is a multi-stage process where organizations transform ideas into improved products or services to advance themselves in the marketplace. Creativity and innovation are closely linked and involve generating and implementing novel ideas. Innovation is important for organizations to develop, change products/processes, and coordinate with the market. Workplace innovation involves implementing new ideas by identifying problems/opportunities and practically applying ideas to organizational needs. Constant innovation helps businesses and organizations grow and gain profit.