Innovation and change management are important topics that impact economic growth and business survival. New ideas, approaches, and products are critical to organizational strategy. While innovation is difficult to define, it generally refers to coming up with new solutions. Organizational change can also be hard to specify but focuses on formally planned changes to an organization's direction, structure, and capabilities to meet changing needs. There are different types of organizational change such as incremental, radical, smooth, and discontinuous. Managing innovation and change is vital for companies to adapt and thrive.