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The Relationship Between Innovation And Innovation

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Certain terms and words can often be misinterpreted and used in the wrong manner. Two words which are the epitome of misuse and misunderstanding are innovation and invention. These two words are commonly used in the wrong manner and are thought of as synonyms and substitutes for one another. However that is not the case at all. The distinction between innovation and invention is hard to make, but it is not impossible. (Anon, 2014) First of all to distinguish these two words you need to know the basic definitions of these specific two words. Innovation is described as the action or process of innovating. That is rather broad, so to go into more depth we can define innovation as creating a new method, idea or product. This means that innovation …show more content…

First would be the relationship between innovation and economic development. The relationship among those two is significant since it will allow certain countries to enhance as time passes on. One major example of this would be the technological innovational advancements (Entrepreneurship, 2014). Technological innovational advancements impact economic growth. It allows certain countries to progress and improve as time passes. A prime example of this would be the Industrial Revolution. The Industrial Revolution started during the 1820s and was linked with a small number of innovations. (Wikipedia, 2014) The Industrial Revolution lead to innovations in the textiles sector, the steam power sector and the making of iron. These innovations such as the word press led to the development of mechanical tools which would then lead onto the economic growth and development of certain countries such as England. Evolution of ideas and extensive research done by certain firms have also led to economic growth and development. When certain global firms have large input measures relating to research and development (which can also be considered innovation), this often leads to a jump in economic growth. A recent example of this would be Korea. In Korea one of the leading international and global brands is Samsung. Samsung have used innovative thoughts, and integrated technological advancements with their products/goods to increase profit and to improve the economic growth of Korea itself. Much like the previously mentioned topics, Samsung has had to incorporate and use creativity when coming up with their goods and/or services. Samsung has had to create cutting edge technology which stands out from its competitors such as

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