What is the Difference Between Innovation and Invention?

What is the Difference Between Innovation and Invention?

Invention is the creation of a concept without confirming its usefulness, while innovation involves commercializing an invention and promoting its widespread adoption. According to a McKinsey survey, 84% of executives think innovation is crucial to growth, but only 6% are pleased with their performance. Invention is creating a new product, while innovation adds benefits or makes a transition to an existing product. Innovation requires communication, technological, and strategic expertise, in contrast to invention's need for scientific knowledge. The difference between invention and innovation impacts strategy, as inventions are greenfield opportunities, while innovations penetrate developed markets and may face competition.

View

More Innovation Resources:

The Global Innovation Imperative

Global innovation requires three big shifts: revealing and celebrating hidden innovation, accessing the best ideas and people anywhere, and seeing both circles and lines.

View

The Problem With Lean Startup... And Solution To Its Fatal Flaw

Integrated Venture Engineering (IVE) is an emerging practice that uses a three-step approach to engineer new business systems. This article explains how IVE can solve the flaws of the Lean Startup approach by designing a business as a whole system instead of starting small and building iteratively.

View

Citizen Crowds Can Make a Big Impact on Elections

Crowdsourcing has become an effective tool for businesses and the public sector to connect with people, develop stronger bonds and yield insights.

View