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 encompasses not just the conception of new ideas but also their implementation, creating products, services, or processes that improve upon existing ones or introduce entirely new solutions.

While creativity involves the initial phase of idea generation, focusing on the inventive aspect of thinking, it doesn't automatically imply that these ideas result in something of tangible value. Creativity can involve imaginative thoughts and artistic expression, but it is the application of those creative ideas, turning them into practical solutions, that characterizes innovation. Additionally, imitation refers to the replication of existing ideas or products rather than the creation of new value. Production is the process of manufacturing or bringing to market, which can occur with both innovative and imitative ideas but does not inherently define the generation of new value.

Thus, innovation captures the essence of generating new ideas that have significant value and impact in various fields.