What Is The Difference Between Innovation And Invention?
Definition of Innovation and Invention The actual development of a new concept or theory is known as invention. It is described as the creation of a concept for doing or doing something without first confirming that it works or is commercially useful. Invention is impossible without creativity, but creativity alone is insufficient to successfully create an idea. In the industry, innovation binds everything together. The impacts of having a strongly aligned innovation strategy (with the overall company plan) and a pro-innovation culture on the growth of the enterprise's value were explored in a Booz & Co. research, which found a 30% improvement over businesses that didn't have both. Innovation entails commercialising an invention and promoting its widespread adoption. This is the point at which big ideas, after they've been fully created, are presented to the public. But despite all this, according to a survey by McKinsey Global Innovation, 84% of executives think that i...