Difference Between Invention and Innovation
In spite of the fact that both the words innovation and invention sound similar there are many quite a few differences between them. Innovation is all about originality and up gradation and invention means to create something new that can be applied to every aspects of life. In case of invention, the companies patent their invention so that their idea is not misused. There are people who bring in new ideas and refine them to turn their dreams into reality and make the world a better place to live in. Thus these people get the credit and also the people who are behind the key individual capitalize on that. Thus the innovations lead to inventions.
Thus we can see that the innovations are far more important than inventions as the inventions may or may not be of good use. Invention is all about refining the unique ideas into significant ideas. However innovation involves the transformation of these ideas so that the ultimate users get benefitted by this invention.
Invention is something novel and unknown however innovation may be a known thing to the whole world, but it is definitely an unknown thing from a business point of view. Innovation is applicable to the current state of affairs and is a contemporary idea.
According to some people innovation is a combination of exploitation and invention. When we have something that we can touch and then it is changed and applied in new and novel ways, then we can say that it innovation. The first idea of production of new merchandise can be regarded as innovation; on the other hand, invention can be regarded as an attempt to realize that idea.
Invention concentrates on a single product unlike innovation which involves more than one product. As for example the invention of mp3 player happened quite long ago, but the manufacture of iPod was a classic example of innovation
Let us have another example of IBM computers. When IBM computers were manufactured there were no new features as the production team did not focus about new features. After sometime the production team did focus on unique ideas and they did create PC that was innovative.
Summary
1. Innovation leads to new and modern ideas whereas invention is the creation of new things.
2. Innovation is a combination of invention and utilization.
3. Invention deals with a single product however innovation can involve various products.