What is Innovation?
What is the Difference between Innovation and Invention?
Forrester says: Innovation indices confuse innovation with invention. The innovation value chain–in a national context– encompasses the end-to-end cycle from R&D invention to its value realization in the society at large. As such, invention is only a subset of innovation that’s generally science-based research or focused on product design and results in patentable inventions. National employment, power, wealth, and well-being depend more on the deployment of innovations than on the invention itself.
So innovation entails the full process of coming up with ideas to successfully monetizing those ideas. An invention is the development of something that has not before existed.
Why is this discussion important? Both terms and concepts are important and do relate. However, the skills, mindset and tools used to support these two efforts can be very different. In future articles we will address both topics.
Let’s first look at the two top admired companies in 2010 to get a glimpse on how they focus on innovation.
In a Business Week article titled “The Keys to High-Impact Innovation,” Jeneanne Rae shares key principles that organizations should consider: