Innovation
Innovation is
the specific instrument of entrepreneurship... the act that endows resources
with a new capacity to create wealth. ~By Peter Drucker
Innovation is
invention plus introduction, and it is increasingly seen as crucial for
economies and governments alike. Expanding economies no longer produce more of
the same products, but rather ever more new products with additional value.
David Nordfors is co-founder and executive director of the VINNOVA-Stanford
Research Center of Innovation Journalism at Stanford University. ~By David
Nordfors
Innovation comes from the Latin innovates
which means to renew. Innovation can therefore be seen as the process that
renews something that exists and not, as is commonly assumed, the introduction
of something new.
Invention
An invention is a new
composition, device, or process. An invention may be derived from a
pre-existing model or idea, or it could be independently conceived in
which case it may be a radical breakthrough. In addition, there is cultural
invention, which is an innovative set of useful social behaviors adopted
by people and passed on to others. Inventions often extend the boundaries
of human knowledge or experience. An invention that
is novel and not obvious to others skilled in the same
field may be able to obtain the legal protection of a patent.
Inventions are easy to define but can
be difficult to recognize. An invention is "the discovery or creation
of a new material (either a new manufactured product or a new composition of
matter), a new process, a new use for an existing material, or any
improvements of any of these."
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