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innovation (n.)

mid-15c., innovacion, "restoration, renewal," from Late Latin innovationem (nominative innovatio), noun of action from past-participle stem of innovare "to change; to renew," from in- "into" (from PIE root *en "in") + novus "new" (see new). Meaning "a novel change, experimental variation, new thing introduced in an established arrangement" is from 1540s.

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Definitions of innovation from WordNet

innovation (n.)
a creation (a new device or process) resulting from study and experimentation;
Synonyms: invention
innovation (n.)
the creation of something in the mind;
Synonyms: invention / excogitation / conception / design
innovation (n.)
the act of starting something for the first time; introducing something new;
From wordnet.princeton.edu