A product innovation refers to a new or essentially improved good or service brought to market by an enterprise. A new or significantly improved good or service differs from previously produced goods or services with respect to its characteristics (e.g. significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics).
The good or service must be new to the enterprise or significantly improved from its point of view, but it does not have to be new to the market the enterprise operates in. The developer of the innovation can be the enterprise in question or other enterprises.
Statistics using the definition
Validity of the definition
- Valid until (31 December 2078)