Innovation and Invention - MIT ID Innovation

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What is the Difference Between Innovation and
Invention MITID Innovation
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Definition of Innovation and Invention
The actual development of a new concept or theory
is known as invention. It is described as the
creation of a concept for doing or doing
something without first confirming that it works
or is commercially useful. Invention is
impossible without creativity, but creativity
alone is insufficient to successfully create an
idea.
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In the industry, innovation binds everything
together. The impacts of having a strongly
aligned innovation strategy (with the overall
company plan) and a pro-innovation culture on the
growth of the enterprise's value were explored
in a Booz Co. research, which found a 30
improvement over businesses that didn't have both.
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Innovation entails commercialising
an invention and promoting its widespread
adoption. This is the point at which big ideas,
after they've been fully created, are presented
to the public. But despite all this, according to
a survey by McKinsey Global Innovation, 84 of
executives think that innovation is critical to
their growth plan, just 6 are pleased with their
innovation performance.
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Difference Between Innovation and Invention

• Below are the major distinctions between
  innovation and invention
• An invention is the phenomenon of a new concept
  for a device or procedure that has never been
  produced before. Innovation is described as the
  first time a product or process concept is put
  into action.

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• Invention has to do with the creation of a modern
  product. On the other hand, innovation entails
  adding benefits to a current product or making a
  transition to it.
• Invention entails coming up with a novel concept
  and demonstrating how it functions in theory. In
  contrast to innovation, it is more about putting
  the latest concept into practice.

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• Invention necessitates scientific
  knowledge. Innovation, on the other hand,
  necessitates a diverse range of communications,
  technological, and strategic expertise.
• When a physicist has a new idea, he or she
  invents something. In contrast, innovation occurs
  as a need for a new product or an improvement to
  a current product is identified.

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• A single substance or procedure is the subject of
  the invention. Innovation, on the other hand, is
  concerned with the synthesis of different goods
  and services.
• Although the invention is restricted to the
  organization's research and development
  department. The culture of innovation is
  pervasive in the organisation.

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Examples of Innovation

• Almond milk and oat milk
• Small electric cars
• iPhones and other gadgets made by Apple Inc.
• LED screens by LG
• Zaras policy to not spend on advertising
• A survey done by BCG showed that companies that
  have product and policy innovation examples as
  shown above do better than 77 competitors which
  is what separates them from the rest.

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Examples of Invention

• Airplane by Wright Brothers
• Steam Turbine by Charles Parsons
• Light Bulb by Thomas Edison
• Electricity by Benjamin Franklin
• Alternating current machinery by Nikola Tesla
• These are just some of the many
  great inventions by famous scientists and
  inventors.

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About MIT ID Innovation
The MIT Institute of Design was established with
the aim of forging stronger ties with industry
and society, as well as ensuring excellence in
both academic processes and outcomes. The
institute's mission is to build a learning
environment that trains today's young minds to be
design pioneers who add value to business and
community.
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Conclusion
MIT ID Innovation Programme curates knowledge and
experiences that challenge the very paradigm of
evolution. And that's why we have set out to
define the future of industries, communities,
cities and ecosystems. MIT ID Innovation offers
the best Innovation Courses.
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