What is innovation?

Key definitions according to Medicon Valley Alliance 

• The term innovation is a generic term for a process transferring an invention into a product (goods or services).
• The term innovation system is a generic term for governmental institutions, universities, research institutions, hospitals, the biotech industry, venture capital funds and service providers interacting and collaborating in order to commercialise inventions for the good of society.
• The term invention is a generic term for new knowledge, a new concept, a novel device or technology discovered through research.
• The term commercialisation is defined as processes by means of which an invention is turned into products on a market.
• The term biotechnology or biotech means the application of biological systems and organisms to industrial processes with the end goal to diagnose, prevent or treat human diseases and disorders.