Novation Definition

Novation is the process of introducing a new idea, product, or service. It can also be the act of replacing an existing product or service with a new one.

Novation is often driven by a need to improve upon what already exists. This could be in response to customer feedback or simply because there’s a better way to do things. In some cases, it might even be necessary to create something entirely new to fill a gap in the market.

Whatever the reason for innovating, the goal is always to bring something better to the table than what currently exists. This could mean improved functionality, enhanced features, greater efficiency, or anything else that would make the new offering superior.