reinvent

[ree-in-vent]
verb (used with object)
1.
to invent again or anew, especially without knowing that the invention already exists.
2.
to remake or make over, as in a different form: At 60, he reinvented himself as a volunteer. We have an opportunity to reinvent government.
3.
to bring back; revive: to reinvent trust and accountability.

Origin:
1685–90; re- + invent

reinvention, noun
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
reinvent (ˌriːɪnˈvɛnt)
 
vb
1.  to replace (a product, etc) with an entirely new version
2.  to duplicate (something that already exists) in what is therefore a wasted effort (esp in the phrase reinvent the wheel)

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
And it offers a lesson about the ways in which buildings, people, and towns can
  reinvent themselves.
Architects trying to reinvent the airport have done so at their peril.
As with maps, he did not intend to dabble in these markets, he intended to
  reinvent them.
It made me realize that there's no reason to reinvent the wheel.
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