An Innovation Primer: What Is Innovation and Why Does it Matter? -

Innovation and invention are not the same things. While an invention is a new technological discovery, innovation is a way to break or disrupt a current paradigm. It could be a process improvement, a new object, or a technological breakthrough. However, if an innovation sits on the shelf, not solving a problem, then it becomes more of an invention. To be a successful innovator, you must identify a high-value problem and create a solution that solves it. When thinking about designing an innovation, it is important to consider the broader market context to assess its impact in the larger context. Innovators can monitor prior efforts to see how certain products with definable features were adopted by customers and make refinements to better address an outstanding market requirement. Also, a solution should align a few features with a limited set of requirements to build a sustainable business.