reinvent
To change something so much it seems completely new.
To reinvent means to change something so completely that it becomes almost like something new. When a company reinvents itself, it transforms its entire approach from the ground up, often in response to changing times or new opportunities.
Steve Jobs reinvented the phone when Apple introduced the iPhone in 2007. Phones already existed, but he reimagined what a phone could be by combining it with a computer, music player, and camera. Similarly, when someone reinvents the wheel, they're trying to create something from scratch that already works perfectly well (usually this phrase suggests it's a waste of effort).
People can reinvent themselves too. An athlete who retires might reinvent herself as a coach or businessperson, building a completely new career. A shy student might reinvent himself over summer break, returning to school more confident and outgoing.
The word suggests starting fresh with a bold new vision that goes beyond simple improvements. When you reinvent something, you're asking “what if we could start over and do this completely differently?” rather than just fixing what's broken or making minor tweaks. Sometimes that leads to breakthrough innovations. Other times, as with reinventing the wheel, the original version was already pretty good.