What is defined as the process of generating something new with value?

The process of generating something new with value is best defined as innovation. Innovation involves the creation of new ideas, products, or methods that significantly improve or change the way things are done, providing tangible benefits or advancements. It combines creativity, which is the ability to think outside the box and come up with original ideas, with practical application to develop something that offers value.

Creativity, while crucial in the innovation process, primarily refers to the ability to generate unique ideas rather than focusing on the value these ideas may bring. Imitation, on the other hand, involves copying or reproducing existing ideas or products, which does not inherently involve the generation of something new. Production refers to the act of creating or manufacturing goods, but it does not necessarily include the innovative aspects of deriving value from new concepts.

Therefore, the concept that encapsulates generating something new with inherent value is clearly innovation.