Business Terminologies: Ideas, Inventions and Innovations

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.