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Types of Innovation: What are the benefits of each? Innovation is a process of coming up with new ways to do something. Innovation may have a number of benefits, depending on the circumstances. Here are some examples: -Low cost: innovations can often be less expensive than traditional methods. -Improved performance: innovations can help products or services perform better, often without needing expensive upgrades or modifications. -New discovery: innovations may lead to new discoveries that improve the quality or usefulness of a product or service....