A component is a module that defines the behavior of objects. All objects in Neos consist of slots, which are containers that hold components. An object in Neos is comprised of a slot and a set of components attached to that slot. The core concepts behind components in Neos are similar to those for Unity's component system, with a few small differences.
An example of a component is the Grabbable component. Without this component, objects would not be grabbable by players. Adding the component and tweaking its parameters allows the object it is attached to to be grabbed.
The parameters of a component can be adjusted to alter the functionality of a component. The parameters present on a component will vary depending on the component that you are using. For a WIP documentation on Neos' components, check the Components List.