Business development vs innovation: What’s the difference?

While innovation and business development are often mistaken for each other, they convey different concepts and processes. Innovation refers to the process of realizing new products, ideas, and services to generate greater profits and engage with other customer segments, whereas business development involves implementing ideas and practices to amplify reach and profitability. This article explores the processes under innovation, such as idea generation, selection, and experimentation, as well as innovation project management. It also delves into the areas under business development, including sales and marketing, product management, and vendor management. Finally, the article examines how innovation and business development are closely interrelated in driving sustained growth.