What does innovation typically involve?

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This question asks about what innovation typically involves, and we must evaluate each option before identifying the best description.
Option 1: '(1) A new idea that is (2) applied commercially.' This aligns with a common understanding of innovation as the process of taking a novel idea and bringing it to market or commercial application. The emphasis on novelty plus practical application captures both creativity and implementation essential to innovation.
Option 2: '(1) A novel idea that is (2) applied industrially.' While this is close, the term 'industrially' narrows the scope to industrial contexts, which is not a universal characteristic of innovation. Innovation occurs across many sectors, including services, software, and social domains, not solely industry.
Option 3: '(1) An old idea that is (2) utilised commercially.' This describes diffusion or adoption of an existing idea, not innovation itself. If the idea is old, the novelty element is missing, which makes this option inaccurate as a definition of innovation.
Option 4: '(1) A repetitive concept that is (2) applied conventionally.' The word 'repetitive' and 'conventional' suggest repetition of the same concept rather than introducing something new and valuable. This runs counter to the core notion of innovation, which involves novelty and improvement beyond the status quo.

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What does innovation typically involve?

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