The term "pace of innovation" refers to the speed at which new ideas, products or technologies are developed and brought into use. It represents how quickly a company, industry or economy is able to introduce new advancements, create new markets, and improve existing processes through creative thinking and applied research. The pace of innovation can vary greatly between different industries, with some sectors such as technology consistently pushing the boundaries of what's possible at an ever-increasing speed while others may move more slowly due to regulatory or other constraints.