Innovation vs. Invention: Will Innovation Beat Invention?

Innovation vs. Invention: Will Innovation Beat Invention?

This article discusses the difference between innovation and invention and why innovation is more important for businesses. While many people use these terms interchangeably, invention is creating something new, while innovation is improving something that already exists. Innovation combines invention, creativity, consumer behavior, resources, and business models to solve real-time problems and target consumers. It is a customer-centric process that is pursued by organizations to bring added value to customers and employees. The article also explores the examples of Thomas Edison's light bulb and Steve Jobs' iPod to illustrate the difference between invention and innovation. Lastly, the article provides tips on how businesses can focus more on innovation, such as understanding customer behavior and aligning innovation with key strategic focus.

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