Innovation entails commercialising an invention and promoting its widespread adoption. Here are some of the points to distinguish Between Innovation and Invention. To know more details, visit us at : https://mitidinnovation.com/recreation/what-is-the-difference-between-innovation-and-invention/

1. What is the Difference
Between Innovation and
Invention
MITID Innovation

2. 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.
Definition of Innovation and
Invention

3. 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.

4. 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 innovation is critical to their growth
plan, just 6% are pleased with their
innovation performance.

5. Below are the major distinctions between
innovation and invention :
• An invention is the phenomenon of a
new concept for a device or procedure
that has never been produced
before. Innovation is described as the
first time a product or process concept is
put into action.
Difference Between Innovation and
Invention

6. • Invention has to do with the creation of a
modern product. On the other
hand, innovation entails adding benefits
to a current product or making a transition
to it.
• Invention entails coming up with a novel
concept and demonstrating how it
functions in theory. In contrast
to innovation, it is more about putting the
latest concept into practice.

7. • Invention necessitates scientific
knowledge. Innovation, on the other
hand, necessitates a diverse range of
communications, technological, and
strategic expertise.
• When a physicist has a new idea, he or
she invents something. In
contrast, innovation occurs as a need
for a new product or an improvement to a
current product is identified.

8. • A single substance or procedure is the
subject of the invention. Innovation, on
the other hand, is concerned with the
synthesis of different goods and services.
• Although the invention is restricted to the
organization's research and development
department. The culture of innovation is
pervasive in the organisation.

9. • Almond milk and oat milk
• Small electric cars
• iPhones and other gadgets made by Apple
Inc.
• LED screens by LG
• Zara’s policy to not spend on advertising
A survey done by BCG showed that
companies that have product and policy
innovation examples as shown above do
better than 77% competitors which is what
separates them from the rest.
Examples of Innovation

10. • Airplane by Wright Brothers
• Steam Turbine by Charles Parsons
• Light Bulb by Thomas Edison
• Electricity by Benjamin Franklin
• Alternating current machinery by Nikola
Tesla
These are just some of the many
great inventions by famous scientists and
inventors.
Examples of Invention

11. The MIT Institute of Design was established
with the aim of forging stronger ties with
industry and society, as well as ensuring
excellence in both academic processes and
outcomes. The institute's mission is to build a
learning environment that trains today's
young minds to be design pioneers who add
value to business and community.
About MIT ID Innovation

12. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Innovation Courses.
Conclusion

13. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
innovation@mitid.edu.in
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