Innovation (Entrepreneurial)
Creating new products, services, processes, business models.
Real World
When Airbnb launched in 2008, it innovated not with a new product but a new business model — enabling homeowners to monetise spare rooms, disrupting the entire hotel industry.
Exam Focus
Specify the type of innovation (product, process, or business model) in your answer; vague references to 'being creative' will not score application marks.
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