Innovation = f(Invention, Commercialization).Innovation comes from the Latin, "Innovare" - 'to change or alter things that already exist'. The invention, on the other hand, has its roots in the Latin word "Novare," 'to make new / create.' The difference between innovation and creativity is implementation. One of the good definitions of innovation is: "to transform the novel ideas into commercially successful products & achieving its business values.”
Invention creates; innovation realizes value. Innovation is the practical application of new inventions into marketable products or services. Invention is making ideas from money, innovation is making money from ideas.
Invention creates, innovation applies creatively. Innovation is the introduction of something new or the new way to do things. Invention is about something is invented: as (1): a product of the imagination; (2): a device, contrivance, or process originated after study and experiment.
Innovations = different and new. Invention = just new. Innovative ways of thinking lead to unique, value added inventions or improvements to current inventions. So innovation is more process driven and invention is more product oriented.
Invention precedes innovation, but innovation does not always need invention. Innovation may or may not require an invention. If it does not require an invention then it is incremental innovation if it does require an invention then it could be something like disruptive innovation, whatever that is! Invention is the origin, innovation is the destination.
Invention =conceptualization to developing something New. Innovation =developing over the existing product to have better feature. Invention transforms challenges and problems into creative answers. Innovation is the integration of the invention into real world process, delivery system, market, and large-scale supply as well as combining the invention's technology into the other technology components (formulation) of the target product.
Invention is to create what does not exist. innovation is to improve what exists. There is a fundamental problem with the comparison. Invention is a well-understood term at least legally as the novelty test is really black and white, but innovation is not; when do you have innovation? At what point is it achieved? Innovation is coming up with something of value by applying it to a product or process. The application is the invention.
If invention is the creative storyline, innovation is the movie. Innovators are therefore a complex mix of screenplay writers, casting agents, Director, of course, production assistant, etc.... And if they have cash, they may even be able to call themselves the Producer!
Innovation = Invention + Execution. Invention: Creating new possibilities. Innovation: Creating sustainable competitive advantages.
(1). What about the impact of Innovation/Invention dynamics on intangible dimensions of the output (services)?
(2). Also, almost always tangible and intangible dimensions are impacted together even if in different ways/different degrees. What about those combinations?
Innovation is the synthesis of invention and commercialization. Innovation = f(Invention, Commercialization). It helps measure by:
a) identifying innovation by seeing invention density, and
b) integrates "audience recognition" to innovation, which clarifies measurement and suggests relativity.
Innovation is about having new knowledge and new processes. innovation is the specific phenomenon of the knowledge-based economy. innovation is about too much knowledge in terms of too many good creative ideas, and too little available resources. Innovation is about prioritization - a system that can "smell" the right idea at the right time and place.
If invention is a picture snapshot, then innovation is a colorful playbook, with all possible combinations of scenarios and all shades of relationships.Defining, distilling, determining, disrupting. Potentiality Vs. Realization (in a context).