Invention refers to creation of a new idea or method itself. Inventions have come out of outright necessity and pioneering visions in order to make the world a better place.
Innovation by definition is a “new idea, more effective device or process” in order to meet new, evolved requirements of the market. This is different from invention in that it adds a “better” element to it. So, it’s about doing something different yet better to what we are exposed to.
I cannot have complaints about the inventions and rapid innovations that take place in every aspect of life as I am an absolute beneficiary all newer, better things I get to consume, enjoy, experience.
At the same time, I have a point of view that we need to critically examine the “Disruptive Innovation” that takes place in the market today. Disruptive innovation is an innovation that helps create a new market and value network, and eventually disrupts an existing market and value network (over a few years or decades), displacing an earlier technology. Continue reading Is disruptive innovation virtuous or vicious? You hold the key!