Main Difference
The main difference between Innovation and Renovation is that the Innovation is a application of better solutions that meet new requirements, inarticulated needs, or existing market needs and Renovation is a process of improving a structure.
Innovation
Innovation in its modern meaning is a “new idea, creative thoughts, new imaginations in form of device or method”. Innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society. An innovation is something original and more effective and, as a consequence, new, that “breaks into” the market or society. Innovation is related to, but not the same as, invention, as innovation is more apt to involve the practical implementation of an invention (i.e. new/improved ability) to make a meaningful impact in the market or society, and not all innovations require an invention. Innovation often manifests itself via the engineering process, when the problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.
While a novel device is often described as an innovation, in economics, management science, and other fields of practice and analysis, innovation is generally considered to be the result of a process that brings together various novel ideas in such a way that they affect society. In industrial economics, innovations are created and found empirically from services to meet growing consumer demand.Innovation also has an older historical meaning which is quite different. From the 1400s through the 1600s, prior to early American settlement, the concept of “innovation” was pejorative. It was an early modern synonym for rebellion, revolt and heresy.
Renovation
Renovation (also called remodeling) is the process of improving a broken, damaged, or outdated structure. Renovations are typically either commercial or residential. Additionally, renovation can refer to making something new, or bringing something back to life and can apply in social contexts. For example, a community can be renovated if it is strengthened and revived.
Innovation (noun)
The act of innovating; the introduction of something new, in customs, rites, etc.
Innovation (noun)
A change effected by innovating; a change in customs
“The others, whose time had been more actively employed, began to shew symptoms of innovation,—”the good wine did its good office.” The frost of etiquette, and pride of birth, began to give way before the genial blessings of this benign constellation, and the formal appellatives with which the three dignitaries had hitherto addressed each other, were now familiarly abbreviated into Tully, Bally, and Killie. |inline=1|Sir Walter Scott, Waverley, ch. xi.”
Innovation (noun)
Something new, and contrary to established customs, manners, or rites.
Innovation (noun)
A newly formed shoot, or the annually produced addition to the stems of many mosses.
Renovation (noun)
An act, or the process, of renovating.
Renovation (noun)
Regeneration.
Innovation (noun)
the action or process of innovating
“innovation is crucial to the continuing success of any organization”
Innovation (noun)
a new method, idea, product, etc.
“technological innovations designed to save energy”
Renovation (noun)
the action of renovating a building
“older churches underwent major renovations”
“this property is in need of complete renovation”