Innovation vs. Invention: What’s the Difference and Why Does it Matter?
When we talk about innovation and invention, we often use these terms interchangeably. However, innovation and invention are not the same things. They have different meanings and distinct roles in the development of new products, services, or technologies.
Invention refers to the creation of something that is entirely new, which has never existed before. It is a process of discovery that involves scientific research, experimentation, and the development of a prototype. An invention is mainly focused on creating a new product, technology, or process, which solves a specific problem or meets a particular need.
On the other hand, innovation is the process of taking an existing product, service, or technology and making it better. It involves a creative process that focuses on improving, modifying, or redesigning something that already exists to provide better value to the end-users. Innovation usually involves a combination of ideas, creativity, and problem-solving to create new possibilities.
The primary difference between innovation and invention is that innovation starts with something that already exists and aims to make it better. In contrast, invention is focused on creating something new.
Another significant difference is the value proposition of both concepts. While the invention’s value proposition is novelty, innovation’s value proposition is betterment. In other words, inventions are usually aimed at exploring uncharted territories and breaking new ground, while innovation is geared towards taking something that already exists and making it more useful.
Why Does it Matter?
Now that we understand the differences between innovation and invention, the question is, why does it matter? Understanding the distinctions between these terms is essential, as it will help us in developing our strategies, creating new products or services, or improving existing ones.
For instance, if our goal is to launch an entirely new product that solves a specific problem in the market, we need to focus on invention. We have to invest significantly in research, development, and prototyping. However, if our goal is to improve an existing product, we need to focus on innovation. We must engage in creative thinking and identify areas where we can add value to make the product more useful to our target audience.
In conclusion, innovation and invention are not the same things, and they play distinct roles in product development. Both concepts are vital to the growth and success of any business as they provide opportunities to expand, improve and meet the ever-evolving needs of the market. Understanding these concepts’ differences will guide our approach and strategies in the development of new products or the improvement of existing ones.
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