An innovation is an idea, practice or object that is perceived as new by an individual. Diffusion of innovation or new technology often takes time. Development of its commercial applications is also very critical.
For example, extensive research in nanotechnology has now led to its use for commercial purposes. It has especially been used in cosmetics and food products. Titanium dioxide and zinc oxide nanoparticles in sunscreen, silver nanoparticles in clothing and household appliances (Whirlpool Silvernano technology refrigerators)
A typical new product development strategy follows this process: