Innovation
In its very essence, Innovation means translating something into a business need. It focuses on adapting and commercializing inventions to generate value and making them widely adopted. Innovation can be incremental (small improvements) or radical (groundbreaking changes).
Invention vs. Innovation
While closely related, invention and innovation are distinct concepts:
| Aspect | Invention | Innovation |
|---|---|---|
| Definition | The creation of a new product, process, or idea that did not exist before. | The process of improving or applying existing ideas to create value. |
| Focus | Originality and novelty. | Practicality and marketability. |
| Timing | Occurs first in the development process. | Follows invention, focusing on implementation and adaptation. |
| Risk | Higher risk due to uncertainty of acceptance. | Lower risk as it builds upon proven concepts. |
| Outcome | Results in something entirely new (e.g., the light bulb). | Improves or repurposes existing things (e.g., smartphones). |