Discovery & Invention

Discoveries and inventions may seem similar because of something new being revealed. Discovery is finding out or figuring out something that preexists, while invention is using objects that preexist to create something new that is first of its kind.

TYPES OF INNOVATION

• Product/service innovation: the creative development and commercialization of radically new products or services, often grounded in new technology and liked to unmet customer needs.
• Process innovation: the development of new ways of producing products or delivering services that lead to advantages in cost, or timeliness of delivery.
• Business innovation: the development of new businesses and new ways of conducting business that provide unbeatable competitive advantage.

APPLIED & BASIC RESEARCH

Basic Research:  Concerned with research, discovery and invention (What is possible?)
Applied Research: Concerned with business and social needs (What is needed?)

INVENTION vs INNOVATION

Invention can be defined as the creation of a product or introduction of a process for the first time. It is about creative thinking, coming up with something new. An invention is usually economically irrelevant.

Innovation on the other hand, occurs if someone improves on or makes a significant contribution to an existing product, process or service. Innovation encompasses the entire process that starts with an idea and continues along through all the steps from initial development to a marketable product or service that changes the economy. Innovation has economically relevance.