The Benefits of Innovation: Why are innovations successful? What are some common benefits? Innovation is a process of exploring, testing and improving upon ideas. It has the potential to improve entire industries while making people’s lives more comfortable and efficient. There are many benefits to innovation, including increased productivity, reduced costs, diverse product offerings and improved customer service. There are several reasons why innovations are successful, but some of the most common are: 1) novelty – when something is different from what is already available, people tend to be interested in it; 2) risk-taking – when something is new and challenging, it can inspire people to take chances; 3) collaboration – when people are working together towards a common goal, they’re more likely to come up with innovative solutions; 4) execution – ensuring that the innovation is implemented effectively can help increase its success rate....