Invention is creating something new which may or may not have a commercial or social value. Invention has been typically the domain of scientists who want to discover new technology or a new product without necessarily knowing if there is going to be any other outcome.
Innovation is different – when you look at a need in the market – this is what the customer needs or this is what the industry needs and you work backwards. You ask what different tools can I combine to fulfil that need.
Innovation approaches from a Lego blocks concept. The analogy is this is what is in the market but by arranging it in such a way, I get a product or technology to meet the need of the user. Another way of looking at it – invention is spending money to create ideas while innovation is using the ideas to create money.
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