Invention Interestingly, some of the less initiated in this business often use the word innovator interchangeably with inventor. This is often done in a polite and misguided endeavor to differentiate the person in question from the classic stereotypical inventor, represented as some excentric weirdo with fuzzy white hair wearing a white dust coat. Notwithstanding the above, most inventions are in fact created by making improvements to existing things.
Indeed there are few totally new inventions. However, whereas novelty is an essential part of an invention, novelty is not an essential part of an innovation. The former refers to big or disruptive innovations that totally change the landscape of a business, its products or the dynamics of the market. Rear Vision is a wonderful thing! NOKIA is one exceptional example of a company that successfully migrated its core business from timber to electronics.
They did this after they saw the growing resistance to the use of the dwindling natural timber resource and the emergence of the new mobile phone business with almost unlimited market potential.
General Electric is another company that has reinvented itself to become strong in the financial sector. However, in doing so GE took the safe option in that whilst creating its new enterprise it did not turn its back on its traditional engineering business, instead it used its brand strength to underpin the new endeavor.
Rear vision is a wonderful thing, but if one looks at the history of disruptive pioneers you will find the path littered with the corpses of those who dared to be first with disruptions but failed, as is so often the case. No less an authority than the great Joseph Schumpeter affirmed as much. As the interview makes clear, Wyckoff is a champion of innovation, but not a mindless cheerleader. About We are economists who challenge conventional wisdom and advance ideas to better serve society.
Research We develop research that challenges economic orthodoxy and serves society. Events To foster new economic thinking, we host convenings that gather together a diverse community of thinkers from different fields, countries, and schools of thought. Search Search. They have created a system that operates both as a business, and as an idea factory.
We learned that the only way for businesses to consistently succeed today is to attract smart creative employees and create an environment where they can thrive at scale. Transforming a business from invention to innovation might not be a huge change, an enormous investment, or a massive restructuring. It could be as simple as adding some simple social concepts and some new ways of managing and measuring success into the existing structure.
Think back in your career to when you were an eager young University graduate with dreams and ideas. How valuable would it have been to work alongside Jobs, Schmidt, Zuckerberg, Joy, Brin, Bezos, or one of the hundreds of other visionaries that we respect today? We all have the opportunity now, to take our experience and knowledge and invest that in the organization. We can take a break from our traditional leadership roles of meetings and schedules and take the time to step back, and give back, and be the leader that supports the innovation lying dormant within our own businesses.
Bill Walker is an IT guy, globalization driver, door opener, and super-dad traveling the globe to solve the sticky problems. Skip Article Header. Skip to: Start of Article. Originally posted by:. Bill Walker. When one checks the meaning of the two terms in a dictionary, they have almost the same meaning; however, the truth is that the two terms are actually quite distinct from one another.
Invention refers to the creation of new products or services -those that are the first of their kind and have never been created before. On the other hand, innovation essentially refers to the improvements brought about in a product or service that is already present in the market. It is important to determine the difference between invention and innovation.
An analogy that can be used to differentiate the two is a pebble that is thrown in a pool of water. The pebble should be considered as an invention, while the ripple effect created in the water by the pebble is innovation. This article will define invention and innovation in more detail, and discuss the differences between the two.
Invention refers to the development of a product or service for the very first time. A new product that has been invented is significantly different from its predecessor. It is a unique scientific idea that has been created following intensive research and experimentation. Invention takes place when an individual comes up with a novel idea for a product or a process that is not present in the market.
Hence, the inventor wants to ensure that the credits for the invention are given to them alone, which is why they obtain patents for their inventions. A patent would ensure that the intellectual property rights for the new product remain with the inventor. Innovation is carried out when an individual is able to successfully convert an idea into an actual product or service.
It refers to the changes brought about in a product or service that is already present in the market. These changes are usually believed to add value to the products or services so as to ensure that customer requirements are fulfilled.
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