The Difference Between "Invention" and "Innovation" - Deepstash
Invention and innovation
  • Invention is the creation of a product or introduction of a process for the first time.
  • Innovation is when someone improves on or makes a significant contribution to an existing product, process or service.

Steve Jobs' iPod is an example of great innovation. The iPod was not the first portable music device, neither the first device to put hundreds of songs in your pocket. What made Apple innovative was that it combined elements in a single device.

121 STASHED

17 LIKES

Companies often focus on technology instead of the customer's problem.

Smart innovators frame their ideas to stress how a new concept is compatible with the existing market landscape.

101 STASHED

6 LIKES

  • Innovation should give a unique competitive position in the marketplace.
  • Differentiating factors of your innovation should be conceptualised around the key strategic focus of the enterprise.
  • Know the customers.
  • Identify resources, processes, risks, partners and suppliers and the ecosystem in the market.
  • Assess the value of the innovation and how the idea will bring that value into the organisation.

103 STASHED

9 LIKES

Deepstash helps you become inspired, wiser and productive, through bite-sized ideas from the best articles, books and videos out there.

GET THE APP: