Advocates from niche startups to tech giants have argued that this lack of coherence is because the metaverse is still being built, and it's too new to define what it means. The internet existed in the 1970s, for example, but not every idea of what that would eventually look like was true.

When you hear the word innovation, what immediately comes to mind?

Do you think of companies like Amazon and Google? Does product innovation refer to creating entirely new products or improving previous offerings?

At the most basic level, product innovation is the process of developing and marketing a new or improved product to solve your customer’s problems.

In The Innovation Delusion: How Our Obsession with the New Has Disrupted the Work That Matters Most, authors Lee Vinsel and Andrew L. Russel have a more direct take:

“Innovation, at its core, is change that can be measured because it generates profits.”

No matter how great your product or service is now, innovation is critical for continuing to serve your customers based on their current needs and desires and avoiding becoming an afterthought.