Invention does not equal Innovation

Much effort, particularly by public bodies, is focused on invention, in the mistaken belief that by inventing, patenting, and just being first to do something new, will lead to some great outcome.

Not so.

It is a bit like supply side economics, make the rich richer, and some will trickle down to the less well off, not a great outcome there.  

Innovation is driven by different things, a perceived need in the market, an opportunity to improve something, two bits of existing technology combined in a different way, something from one market applied to another unrelated market, and many more. Invention is generally driven by curiosity more than anything else.

Don’t confuse the two, the technologies that have changed the world have largely been commercialised by entrepreneurs, or innovators who saw the opportunities, not by the inventors who conceived the technology.

Invention and innovation are not the same thing.

About strategyaudit

StrategyAudit is a boutique strategy and marketing consultancy concentrating on the challenges of the medium sized manufacturing businesses that make up the backbone of our economy. The particular focus is on their strategic and marketing development. as well as the business and operational efficiency improvements necessary for day to day commercial survival. We not only give advice, we go down "into the weeds" to ensure and enable implementation.
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