Introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses.

This includes significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics. Product innovations can utilise new knowledge or technologies, or can be based on new uses or combinations of existing knowledge or technologies. Product innovations in services can include significant improvements in how they are provided, the addition of new functions or characteristics to existing services, or the introduction of entirely new services.