Tangible innovations include, for example, new or improved products, such as a tablet computer, a smart phone, and LED bulbs. Examples of intangible innovations include new or improved computer programs, and business, industrial, and biotechnology processes. A new product or process cannot automatically be considered an innovation.
An innovation must contribute to something useful, such as increasing productivity, reducing costs, improving our health, protecting the environment, or using fewer fossil fuels. We also must realize that a successful innovation in one country, industry, or company does not automatically translate into success when applied in another country, industry, or company. Different circumstances will produce different results, one of which can be failure.