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There is still no uniform definition and a variety of definitions can be found inthe literature, such as %u201creference to products and services that are developedunder resource constraints%u201d, %u201ccustomers are at the centre of the developmentof accessible, adaptable, affordable and appropriate products%u201d, a %u201cproductinnovation where there is a shortage of wealthy customers%u201d, %u201cinnovative productsand business models with low cost and high quality%u201d, a %u201cnew philosophy%u201d, anda %u201cresource-constrained solution designed and implemented within constraints%u201d. Aiming at measuring innovation and comparing performance across countries,the OECD and Eurostat defined it in the third edition of the Oslo Manual as %u201ctheintroduction of a new or significantly improved product (good or service) orprocess, a new marketing method or a new organisational method into businesspractices, workplace organisation or external relations%u201d (OECD, 2009, 11), andlater on %u2013 in the fourth edition %u2013 as %u201ca new or improved product or process (orcombination thereof) that differs significantly from the unit%u2019s previous productsor processes and that is made available to potential users (product) or put intouse by the unit (process)%u201d (OECD/Eurostat, 2018, 20). Knowledge as a basis forinnovation, novelty and utility, and the creation or preservation of value as thepresumed purpose of innovation are key components of the concept ofinnovation. Unlike invention, for innovation there is a requirement forimplementation, i.e., for use or making available to others for use. A unifyingunderstanding of innovation both as an activity and as an outcome of that activityis the common definition set out, where unit refers to the entity responsible forinnovation, be it an institutional unit, a household, or an individual in any sector. Various studies on innovations use different approaches to measure andanalyse the innovation progress, the strengths and weaknesses of companiesand nations, such as the Community Innovation Survey (CIS), policies, theAppropriability and Competitiveness for European Enterprises (PACE) Project,the OECD and Eurostat datasets, innovation indices, competitiveness indices,and the cluster approach. For example, the innovation performance ofeconomies worldwide has been measured by the Global Innovation Index (GII)since 2007. It is designed to go beyond the traditional measurements ofinnovation %u2013 through the number of research papers and the level of R&Dspending %u2013 by applying a set of indicators and metrics to capture the innovationsituation and advances in society as fully as possible, including the contributionsof institutions, market excellence, infrastructure, human capital and research,business excellence, and outcomes such as knowledge, technology, andcreativity. The ten most innovative countries according to the last GII 2022 areSwitzerland (for the 12th year in a row), followed by the United States, Sweden,the United Kingdom, the Netherlands, the Republic of Korea, Singapore,Germany, Finland, and Denmark (WIPO, 2022). The ten most innovativecompanies in 2023 are Apple, Tesla, Amazon, Alphabet, Microsoft, Moderna,1183 Frugal Innovations