Similarities Between Invention And Innovation

Invention and innovation
Invention is a term frequently used in the context of innovation. Invention signifies “creating something new that has never existed before”. Invention need not to satisfy any valuable customer need and need not include the exploitation of the concept in the marketplace. Innovation varies from invention in that it is more than the making of something novel; it is also incorporates the exploitation for benefit by adding value to the customers. Invention is frequently measured as the ability to patent an idea. If this can be accomplished, then it is an innovation. The success or failure of an invention depends not just on the ideas chosen by the organization additionally on how well their implementation is managed. Innovation is often about creating something that has yet to be desired by a customer. Numerous inventions never prompt to innovation since they are never brought to the market place. If an innovation can be exploited or transformed into change that add value to a customer, then it became an innovation.
An important distinction normally made between invention and innovation. Invention is the first

There may not be an adequate need or it may be difficult to produce and/or market since some basic inputs or complementary factors are not accessible. Thus although Lenordo da vinci is reported to have had some quite advanced ideas for a flying machine, these were difficult to carry out in practice because of the absence of sufficient materials, production skills, and above all- power sources. In fact, the realization of these ideas had to wait for the invention and subsequent commercialization (and improvement) of the internal combustion engine. Hence, as this example shows, numerous inventions require complementary inventions and innovations to succeed at the innovation