Business ideas, inventions and innovations are the main driving forces in a company. Every company strives to develop new ideas, invent and then implement them before any other company steals the idea away from them. However, a company has to have an in-depth understanding of the three aspects before putting them into practice (Axelrod, 2008, p. 73). This paper sheds light on the differences that exist among these aspects.
Keywords: Idea, Invention, Innovation
Business Terminologies: Ideas, Inventions and Innovations
Generally, invention refers to a process that has been developed after a series of experiments while an idea denotes an opinion, which can be formulated. Problems that normally occur in life drive people to find ways of solving them. When an individual manages to think about a solution to a particular problem, then the solution would be termed as an idea. When the solution is implemented or put into operation, then the solution is said to have been invented. It then becomes an invention (Needle, 2010, p. 27).
The common challenge to inventors nowadays is their disability to distinguish between a business idea and a business invention. In business, an idea involves identifying a problem while invention is the technique which entails offering a solution to a problem that has been singled out. This therefore implies that inventions are patentable while ideas on the other hand, cannot be patented (Reese, 2011, p. 40).
One can only be able to sell an idea to people only after he or she has transformed the idea into an invention. There are several steps that are followed in the attempt to change an idea into an invention. These steps include, documenting the idea, looking for market, making initial enquires abou...
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...ngs between the participants as far as government policies are concerned. This can eventually ruin the overall innovation development (Trott, 2008, p. 496).
Works Cited
Axelrod, A. (2008). Edison on innovation: 102 lessons in creativity for business and beyond. San Francisco, CA: Jossey-Bass.
Mothes, A. (2006). Leading innovation: How can leaders improve companies’ ability to generate innovations? New York, NY: Grin Verlag.
Needle, D. (2010). Business in context: An introduction to business and its environment. Andover, MA: South-Western Cengage Learning.
Reese, H. (2011). How to license you million dollar idea. Hoboken, NJ: John Wiley & Sons.
Stim, R. (2010). Profit from your idea: How to make smart licensing deals. Berkeley, CA: Nolo.
Trott, P. (2008). Innovation management and new product development. New York, NY: Financial Times Prentice Hall.
Innovators can use this advice on a daily basis. For a few moments every day spend some time in a quiet room. This room should be free from distractions where a person has the ability to focus on their thoughts. Some of the best ideas come from these times and it will be exciting to discover what the thoughts will develop into.
In the article “Difference Between ‘Invention’ and ‘Innovation’”, Tom Grasty claims that invention is creating a new thing, while innovation is making change and contributing something new based on existing things. I agree with him. “Invention” is to create something from nothing, and it emphasizes “the first”; “innovation” is to make something better. Moreover, since every company has different status and resources, “innovation” might not be the first one, but it could not be exactly the same. Another point is that we can distinguish inventions from their positive and negative impact. The positive one is like computer, which improves technology development; the negative one, like computer virus, destroys people’s data. However, “innovation”
Thank you for agreeing to participate in an interview. This interview is part of an assignment for an Intrapreneurship and Innovation Course at Grand Canyon University. The assignment asks students to garner first-hand perspective on the challenges of innovation and reflect on what they have learned in the course. Information collected during the interview will be used solely to complete the assignment and may be shared with class members and the instructor. If you have additional questions or concerns, or you would like to withdraw your consent to participate in the interview process, you can contact Frank Spitznogle at frank.spitznogle@gcu.edu. Again, thank you for taking the time to participate in an interview and contribute to the educational experience of business students at Grand Canyon
Defining ”innovation”could be rather a difficult task as it is a “multi-faceted phenomenon”, and a widely u...
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To many people, when they hear the word “invention” they think of clever gadgets and devices that are now common. Such as the safety pin, zippers, computers, telephones, and cars- all of which have amazing stories behind them. However the word “invention” actually goes back to the Latin word invenire for “to come upon.” Basically an invention can be any tangible device or a process, which is brought out by the human imagination.
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Kelley,T. (2005, Oct.). The 10 faces of innovation. Fast Company, 74-77. Retrieved 6th March’ 2014 from http://web.ebscohost.com/ehost/detail?vid=9&sid=1d6a17b7-c5f7-4f00-bea4 db1d84cbef55%40sessionmgr10&hid=28&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth&AN=18386009
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...ividuals and systems should be developed to encourage innovation in a flexible way with few legal restrictions. Government and investors should work towards improving the infrastructure of the nation by providing facilities and platforms making it simple for any individual to innovate.
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