Innovation vs Invention – Which is strong?

Theme:

Invention is the creation of a new product or service that has the potential to generate revenue, while innovation is the modification of the existing products or services for delivering better customer satisfaction and hence deriving greater benefits.

The above parallel drawn makes it clear that invention lays the foundation for innovation to follow and both are primary requirements for the smooth functioning of a company. The decision for innovation or invention in a company is based on the existing products and services of the competitors.

What is Invention?

The invention can be described as the introduction of a new product line, device or ideology that is based on study and experimentation. Companies get inventions registered in their own name by virtue of patents. Patents reserve the right of ownership of the invention with its inventor for a particular period of time, hence ensuring that the invention is not misused.

Inventions have unexpected results: Inventions are described as taking a jump into what is unknown. It possesses a high risk of having unknown effects and substantial results because no one can correctly forecast the outcome.

Inventions should be the leading priority: For an invention to produce excellent results it is necessary that no one else has come up with the same or similar idea in that particular period of time.

Invention is the building block for innovation: Innovation is often referred to as putting an invention to use. For e.g. the discovery of the Electric Dynamo by Michael Faraday highlighted the practical use of electricity which was invented and known even before.

4 Greatest Inventions in the Past Decade:

1. ​Google Assistant – The Assistant, established on the Google Home smart speaker, Google telephones, and other gadgets, converses with humans often by voice. At your command, it could compose messages, make calendar reminders, or test the net for solutions to questions–now and again with a dose of humour–and can immediately translate spoken words into 27 unique languages.

2. SpaceX’s Reusable Rocket – A Falcon 9 launch costs approximately $62 million, or $2,500 in line with a pound of shipment–one area of what it prices a decade ago–which has helped make the area accessible to startups. And it could also be available in handy if, you recognize, we ever want to abandon Earth totally and flow civilization to Mars.

3. iPad – The iPad has offered 400 million units to this point and spawned competitors from the likes of Amazon, Microsoft, Samsung, and Google. Today, ipads have emerged as essential gadgets for the enterprise.

4. The ​Self-Driving Car – Most of the fundamental vehicle manufacturers, plus trip-hailing corporations like Uber and Lyft, have since accompanied match, and these days, passengers can hail driverless cabs being beta examined in cities like Phoenix and Pittsburgh. With gadgets imaginative and prescient and a few wonderful synthetic intelligence, the technology guarantees to make the roads a whole lot more secure, resulting in keeping with fewer deaths, according to the maximum constructive estimates.

What is Innovation?

Innovation can be described as a value addition to a product line, device or ideology by altering its basics for delivering greater value to the customer and survive in a persistently innovating environment. Innovation requires extensive study and research, the result of which should be superior to the competitors. Thus innovation is a complex process.

Innovation attracts the best talent: Talented people will work in an organization that provides them with greater opportunities. A company that is established as innovative will be their first priority.

Innovation requires a variety of skills: Before making any changes in the existing product line, a company has to analyse its profitability, which requires a host of skills including marketing, and planning.

Innovation gives technical advantage: A constantly developing firm will have full access to the current technologies and thus will always be able to have the first mover advantage and hence deliver value to the customers.

Examples:

Apple – When Steve Jobs returned in 1997, he lead Apple to the apogee of achievement through amazing innovations like the iPhone, iPad and lots of different innovations.

Augmented Reality – Augmented reality, in which virtual snapshots are overlaid onto stay pictures to deliver records in actual time, has been around for a while. Only these days, but, following the advent of more powerful computing hardware and the creation of an open-source video tracking software program library referred to as ARToolKit that the generation has certainly taken off.

Blockchain – The simplest clarification of blockchain is that it is an incorruptible manner to file transactions between events – a shared virtual ledger that parties can handiest upload to and this is transparent to all contributors of a peer-to-peer community in which the blockchain is logged and stored.

Digital assistants – One of the biggest trends in the latest years has been the digital assistant, which can now be found in normal client devices like door locks, light bulbs, and kitchen home equipment. The key piece of a generation that has helped make all this possible is the digital assistant.

Tokenization – If you have got ever used the chip embedded in a credit or debit card to make a fee through tapping in place of swiping, then you definitely have benefited from the heightened protection of tokenization.

Conclusion:

Invention requires innovation to build and deliver a world-standard product that can be accepted by society. Each one is dependent on another, thus both serve to be the key factors in shaping dreams into reality.