Question

What is the difference between an invention and an innovation? Explain why inventions may not become commercially viable and why innovations are adopted. Explain the likely future of innovations. That is, have we run out of commercial ideas, or is the bank of ideas ever-increasing?

Answer 1

Invention means creation of product or introduction of a process for the first time.Innovation means improvement or making a significant contribution to existing product, process or services.

Invention is first step of product but innovation is continuous improvement of product.

Invention is may not become commerically viable because as we know business is dynamic hence its change with span of time and for growth and survival of business its necessary to have continuous updation on the product hence business require updated product.Invention is only creation of product hence its demand is less then innovation.

Innovation is more commercially vaiable because it create more money .a product which is having continuous updation has more demand then a product which is created first time.hence innovation is demand of the market .

Innovation has very sound future because its keep updated with time hence its run as per the current business requirement.

Bank of ideas always increases because creativity is never ending process.when someone try's create something new then innovation happens.hence idea generation is a continuous process.