* New scientific or technical idea, and the means of its embodiment or accomplishment. To be patentable, an invention must be novel, have utility, and be non-obvious. To be called an invention, an idea only needs to be proven as workable. But to be called an innovation, it must also be replicable at an economical cost, and must satisfy a specific need. That`s why only a few inventions lead to innovations because not all of them are economically feasible.
* The process of translating an idea or invention into a good or service that creates value or for which customer will pay. To be a called an invention, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.
Types of innovation:
In its simplest form, there are three main types of innovation. The first one is pioneering innovation. Pioneering innovation is often the method most associated with the term innovation. Pioneering innovation occurs when a brand new product, service, or way of doing something is introduced into the market. This method, however, is the rarest form of innovation as most products or services have already been introduced into the market in one form or another. While not every industry may have utilized each innovation, it is very rare that a new product, service or way of doing something is completely original.
Second, best practice innovation. When a business or industry innovates, meaning that they do something they have not done before, they are often utilizing a method, product, or service that has been used by industries outside of their...