Innovation is defined as the introduction of a new idea, method or device. The Innovation prize is offered to recognize student projects that propose something new and different than what is currently available in the marketplace. Innovation is hard to strictly define, and students are encouraged to opt into the Innovation prize and let the judges consider your idea. Judging will evacuate the degree of uniqueness and support in the business plan as well as the team's ability to create the innovation.
New products refers to both a physical product or service. Is what you are proposing a new product? Examples include a physical product that accomplishes something that was not previously available which can include a component of a larger product such as digital music players- Apple's iPod; "new and improved" versions such as Dr. Brite: all natural, cruelty-free, organic, non-GMO vegan; a Dentist and Doctor created toothpaste. An application offering the user something not currently available such as Amia Friends connects smart empathetic Friends with elders for in-person socially interactive visits.
Is what you are proposing a new process or procedure? Examples include new ways of accessing information such as Local Town Poll. Local Town Poll was developed to make it easier to stay up-to-date and get involved in local, state and national politics by providing easy to digest, search and track local state and national legislation. Process innovations in manufacturing include innovations such as bar codes used to automate tracking.