What does the word 'innovation' mean to you?

"To me, innovation means presenting a new idea or making an existing idea better. It's important to be innovative in the workplace, but often it's a misunderstood concept. An example of when I was innovative was when our company was facing budget cuts. I suggested that we begin to operate as though the cuts were already made, in an attempt to preemptively save funds. The concept worked well, and we were able to eliminate many unnecessary expenditures."