In an organization’s context, the invention is the creation of new products or services that can generate income. Innovation is bringing changes to existing products or services to achieve better customer satisfaction and lead to customer loyalty. From a business point of view, innovation is considered more important than inventing something completely new. While innovating involves changing the existing one completely from time to time to earn more benefits.
What is innovation?
Intuition is the capability to have a grip on a circumstance or data without the requirement for thinking. Contrary to instinctive dynamic is level-headed dynamic, which is when people use investigation, realities, and a bit-by-bit interaction to choose. Innovation means to develop a new product or service or update existing one completely different to increase benefits.
What is an invention?
Invention means doing research and developments to manufacture unique or new devices to get a first-mover advantage. It can be an improvement over new products or devices or a new way of designing a product.
Innovation and invention are two different bricks that builders of the wall must need to use to achieve the desired goal. Invention occurs when we start something new or want to produce a new product to the market. But what about if the product delivered to customers becomes old and starts facing stiff competition in the market? There is a need for innovation to update the old product with completely new design and features to achieve customer satisfaction and loyalty.
People often mix up the word innovation with inventions, but using these words as a substitute can change the conversation’s real meaning. The invention is produced thing, while innovation is the cause of change in behavior and interactions.
The invention is significant, but innovation is for genius.
Steve Jobs invented iPod in 2001, a small device that can store 1000 songs. Music is part of everyone’s life. After few years, he was able to bring a phone with an inbuilt music app (iPod) internet and phone calls in a single device with a touch screen were known as iPhone in 2007. Was the iPhone an incredible innovation? Absolutely. The iPhone made an environment of media content, broadcast communications, permitting, application advancement and bound together with them all under one rooftop.
The iPad developed on that achievement and made another “screen” to extend the portable and individual experience (an exceptionally lean-in style insight) to incorporate more “recline” ergonomics and connection. The iPad, I would contend, drove Apple and iTunes from music into the video and more rich-content business sectors (for example, gaming).
Very few inventions are themselves called innovations. Most innovations are transformative changes to existing cycles, uses, or capacities, which are improved by one (or a few) contributing developments. The tablet advances PDAs, compact PCs, contact screen interfaces, and substance/media total. All of These creations existed a long time before the Kindle, iPad, or Galaxy Tab gadgets.
The interdependence of innovation and invention
We don’t want to lower the Importance of invention. Recording, ensuring, and utilizing invention is a foundation of innovation. The patent cycle and overall sets of laws around the planet perceive the privileges of a designer and help them by building up a framework that permits them the chance to abuse their developments for monetary profit for a given timeframe. Invention rights proprietors can deliver items without others obtrusively duplicating, permit their developments to deliver, or make blends of creations by joining forces with other intellectual property owners. Hence innovation is a very difficult process sometimes. It can be the togetherness of different inventions.
While innovation and invention may appear to be comparable, there is a contrast between both. While the invention can be alluded to as the premise, innovations can be identified with enhancements. Accordingly, it tends to be presumed that both have a fundamental part to play in giving advantages to an organization.