Question

note : all three bits should be answered under 500 word limit
1.a) Describe what is the difference between innovation and invention.

1.b) Describe the different types of innovation usually identified by economic
and business studies.

1.c) Innovation has been frequently described in formal mathematical models as
a linear process. Do you agree with this view? Articulate your answer by
considering the major properties of the innovation process

Answer 1

a) Innovation can be understood as a process of improvement in a product of adding some special features into the product. It is a new added technique. On the other hand, the invention is the creation of any new product or service which was not available before. The innovation and invention can be understood as the internet was invented and its further use of the internet was innovated.

b) There are basically four types of innovations. The first one is incremental innovation which uses the existing technology but with added features or some change in the design or the pattern. It is mostly followed in the market which is already existing. This is the most common and most followed pattern of innovation. The next one is the disruptive innovation that takes place in the current market. In includes adopting new technology or a new process in the working of the company. The type of process is often expensive. The third one is radical innovation which makes a path for development of new companies or organizations and developing revolutionary technology. This innovation often creates a new revolution like the innovation of the airplane. The last one is architectural innovation which is taking up skills and technology to the different markets for the sake of grasping more and new customers.

c) Yes, I agree with the statement. Innovation includes applying of various functions into a single toll. This is what the liner process is all about.Innoation also helps in saving time, money etc and these are also applied to the linear processes.