Innovation is one of the cornerstones of business life and it plays a vital role in the modern economy. Innovation may be defined as the imaginative, constructive or creative application of knowledge, skills or inventing new methods and products for particular purposes. Innovation can also be defined as an original product or process, developed with minimal changes from existing resources. It can also be called a breakthrough. Innovation can be defined as a process whereby technology is diffused and made available to a wider market, stimulating production and consumption. The basic definition of innovation is “the creation of something new either by the addition of something original to an already…