Improved standard of living is a key benefit of increased innovation. New products and services can improve people's lives in many ways, such as:

1. _Better healthcare_: New medical technologies and treatments can lead to improved health outcomes and quality of life.

2. _Increased convenience_: New products and services can make daily life easier and more convenient, saving time and effort.

3. _Improved communication_: New communication technologies can connect people and communities, improving relationships and access to information.

4. _Increased access to education_: New educational technologies and platforms can improve access to education and learning opportunities.

5. _Improved entertainment_: New products and services can provide new and improved entertainment options, enriching people's lives.

6. _Increased mobility_: New transportation technologies and services can improve mobility and access to opportunities.

7. _Improved safety and security_: New products and services can improve safety and security, reducing risk and uncertainty.

By improving people's lives, increased innovation can lead to an improved standard of living, which can have a positive impact on individuals, communities, and society as a whole.