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.

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More Innovation Resources:

What limits innovation in established companies

What limits innovation in established companies

Gary Hamel's recent post in the Wall Street Journal highlighted the limiting factors of innovation in established companies. He suggests strategies for building an innovative culture in the workplace.

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Innovation in the Pharmaceutical Industry: The Process of Drug Discovery and Development

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How to run more effective meetings Dr Ken Hudson

How to run more effective meetings Dr Ken Hudson

Learn the 9 principles of planning and running more effective meetings, including treating meetings as a last resort, setting goals and objectives, and being selective in attendance.

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