Innovation (noun)

1. The introduction of something new.
2. A new idea, method, or device.
3. The application of better solutions that meet new requirements, unarticulated needs, or existing market needs.

Origin:

Late 16th century from latin innovat- "renewed, changed", from the verb innovare, from in- "into" + novare "make new".

Examples:

1. The company is known for its constant innovation in the field of technology.
2. The innovation in the production process increased efficiency and reduced waste.
3. His innovative thinking has led to several breakthroughs in the field of medicine.
4. The innovation in design won the company several awards.
5. The new innovation in transportation has changed the way people commute.