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.
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.
No comments:
Post a Comment