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In today’s global economy, to be successful, you have to either invent or innovate.
Invention is about creating something new while innovation is a concept that uses an idea or a method that causes changes in behavior or interactions.
Companies often claim that they are leaders in innovation by showing a few patents as proof. Patents are proof of invention. But not all of these patents need to have been “useful” in influencing a product or industry. These patents do not innovate. If innovation refers to the “use” of a new method and qualifies the change in behavior, process or business, then it is innovating. Most innovations are evolutionary modifications of existing processes, uses or functions which are improved by an existing invention.
The best example is that of Apple’s iPhone, which created a breakthrough innovation, moving from a stagnant mobile phone to a redesigned user interface screen that hosted multimedia, telecommunications, licensing, development. applications and unified them all under one roof.
Many inventions are made for a totally different purpose than what they are actually used for. For example, Alexander Graham Bell believed that the telephone would be used for listening and that Edison had invented the phonograph for dictation. That, people ended up using them, talking to each other and listening to music surprised the inventors.
Definition
To innovate is to take an existing concept and improve it or make a significant contribution to something that has already been invented. The best example to cite for innovation is the Steve Jobs iPod. While the iPod wasn’t the first portable music device or the first MP3 player, the innovation was the easy-to-use ecosystem that unified music and put it into a single device and connected it to a platform that was updating the music effortlessly.
To invent is to do or create something entirely new, something that did not exist at all or that introduced a process for the first time.
Difference between invention and innovation
Take the case of the first vacuum cleaner which was invented by Murray Spengler who is little known for his invention thanks to WH Hoover who marketed and sold them and he was the innovator of this “ electric vacuum sweeper ”
The case of modern telegraphy is similar, where Samuel Morse invented the code and other inventions came from others. Morse spread the concept of connecting people separated by distances, and his combination of marketing and political skills made his name famous.
One such example is that of sewing machine inventor Elias Howe. But he was not able to sell his ideas despite his trip to England and eventually, upon his return to the United States, he discovered that Issac Singer had stolen the patient and built a successful business. Although Singer paid Howe royalties, many associate the sewing machine with the innovator Singer, not Howe.
While innovation is seen as a powerful way to secure competitive advantage, success is not always guaranteed.
Like for example, the case of Motorola’s ambitious venture to offer mobile communications from anywhere on the planet, be it Mount Everest or the South Pole, has been a huge draw. All the networks have been set up to put 88 satellites into orbit at a cost of $ 7 billion. The dilemma was that people realized that they didn’t make a lot of calls from the South Pole or remote islands and that their needs were met with cheaper mobile networks. In addition, Motorola handsets were big and clunky due to complex electronics, and their call charges were very expensive. When nothing worked, the company filed for bankruptcy, but their problems were far from over. Satellites put into orbit cost $ 2 million per month to maintain. Since no other telecom has been interested in taking advantage of these satellites, Motorola has further invested $ 50 million to get them out of orbit and destroy them safely. It has also been criticized by NASA for posing a nuclear threat.
The “Ford” car was also one of those failures when it was launched in 1952. To make it fit for the road, the production line had to spend twice the amount of the cost of the vehicle and, when it did. did, the marketing campaign on a Live TV slot machine, the car did not start. Consumer indifference to design has led the company to abandon the car, which is why innovation cannot be successful all the time.
The innovation must aim to make it look different or its application is such that it is as good as a new invention.
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Source by Kiriti Chandan Chavadi
