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What is the difference between invention an innovation? is it an important determinant for business expansion as well as increasing market share.

Research Coordination Training Management
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Question added by Md Umar Khalid Khan Khan , project manager , Skytouch housing & development private limited
Date Posted: 2013/10/18
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Mohammed Thiab
by Mohammed Thiab , Founder / Chief Consultant , MV Consulting

INVENTION is about CREATION of a NEW product, idea or process from scratch for the first time. Hence, we can talk about steam engine, electricity, internal combustion engine, computers, drugs, machines,... etc. as inventions.

 

INNOVATION  is about IMPROVEMENTS / ENHANCEMENTS  to existing products, ideas, or processes to make them BETTER, FASTER or more EFFICIENT   

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