Dr. Jay Kumar Jain discusses the differences between discovery and invention. Discovery is recognizing something that already exists, like Christopher Columbus discovering the Americas. Invention is creating something totally new from one's own ideas, like Thomas Edison inventing the light bulb. Innovation goes beyond invention to create value and efficiency by addressing future disruptions rather than existing assumptions. The four phases of innovation are idea generation, concept development, solution testing, and market implementation. Design thinking can help drive innovations through a human-centered problem-solving process.