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Innovation versus Invention - Essay Example

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An invention is basically a formulation of new ideas and processes to promote new products. Practically, it involves applying of new ideas to services or marketable products. Over the years, innovation has been viewed as more important than invention…
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Innovation versus Invention
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"Innovation versus Invention"

Download file to see previous pages Novelty is the introduction of a new idea into the world. While dealing with innovation, an idea does not have to be new except in a specific situation. When a company introduces an idea to the world, it is said to be innovative regardless of whether it is new to the industry or not. Basically, an invention is novel and potentially practically applicable whereas an innovation is usually practically applicable and hence introduced into the market. In terms of stages, invention is seen as an early stage while innovation is the end stage where the introduction of the ideas is presented to the end user.
Innovation is categorized into two namely, product or service and process.
Product or service innovation is about launching of new and improved products or services to the market. Some of its advantages to man include higher prices and profitability, added value, increased market shares and improved public relations. Process innovation deals with better and efficient ways of producing existing products and better ways of delivering existing services. This has benefited mankind in terms of reduced costs, improved quality of services and more responsive customer services. One example of innovation that has impacted man’s existence is the application of Bluetooth technology in mobile and computer devices for faster, cheaper and more convenient transfer of files and information. ...Download file to see next pagesRead More
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