Derived from the Latin word ‘innovare’ which means ‘to renew or to change’ the word innovation implies renewal or novelty. The word was commonly in use as an economic terminology, but later it came to be related to diverse topics such as business, product design, science, sociology and engineering. There is a very narrow difference between the words innovation and invention. While innovation relates to the change that is acceptable to society and lucrative in the market, invention, on the other hand, means making additional changes to an existing product or process. Read these famous creative thinking quotations and sayings for more on this.