Creative destruction is a free-market concept popularized by economist Joseph Schumpeter that holds economic progress results from entrepreneurial innovation, inevitably leading to the destruction of established businesses that become obsolete.
Innovation refers to the use of a new product, service, or method in business practice immediately subsequent to its discovery. It plays a critical role in the growth and success of businesses by fostering competitive advantage, enhancing productivity, and driving industry evolution.
The term 'takeoff' refers to a critical point in the development and growth of a producer, an industry, or an economy, marking the stage at which it becomes economically viable and self-sustaining.
