Final answer:
The second step of the innovation process is known as Implementation, and it involves transforming an idea into a new product or process.
Step-by-step explanation:
The second step of the innovation process, which involves transforming an idea into a new product or process, is known as Implementation. This step focuses on taking the concept or design and turning it into a tangible reality. It involves developing prototypes, conducting tests, and refining the design based on feedback and new discoveries.