Innovation and Commercialisation

Innovation and
Commercialisation

INTRODUCTION
Innovation can be defined as implementation of new ideas to meet the desired goal.
Innovation is the application through which companies can convert a new idea into positive
result or make changes in product or it can be make improvements in that particular product
which creates value for that product and customers will attract towards the product and they will
ready to pay the amount for that innovative product. Invention means developing product by
using new ideas or the product which is going to be made for the first time. Things that are
created or made are called inventions. Invention is using of technology and through that
technology solve the particular problems. The technical feature is that it will give solution to the
problems which are coming at the time of making a new product.
MAIN BODY
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Innovation and invention sounds similar but there is lots of difference between them.
Innovation
Innovation is something that to make changes in product or it can be make improvements
in that particular product which creates value for that product and customers will attract towards
the product and they will ready to pay the amount for that innovative product. In organization
innovation results will comes in front when any kid of idea is being implemented to get desired
results of satisfying consumers (Adelowo, Akinwale and Olaopa., 2017).
Invention
Invention means creation of completely new or different product that is never sell in
market before. Things that are created or made are called inventions. Invention is using of
technology and through that technology solve the particular problems. The technical feature is
that it will give solution to the problems which are coming at the time of making a new product.
It is also known as technical teaching. The invention can be a process or it can be a product.
Invention is a process with whole engineering and product development process. Some of the
inventions can be patented.
Invention innovation
It is the development of an
idea for a process
Innovation refers to
implementation of idea and

product for the first time. It is
use for make improvements.
It is a formation of a new
product.
It is adding values in the exited
product or something which is
already existing.
It is working in theory and it s
an original idea.
Practically implementing the
fresh ideas
Scientific skills are required It is a set of technical,
marketing and strategic
capabilities.
When new idea comes into the
mind of scientist.
When there is a need of
improvement in the existing
product.
It is the process or product. This is a combination of
different products
Importance of innovation and invention in the organisation.
Innovation is an essential in the place of work because it provides edge to the company in
penetrating markets quickly and it gives a better connection to gain development in the markets.,
which helps in results to bigger opportunities and especially in that countries who are rich.
Innovation allows company to stay genuine in the competitive market. It is a continuous
improvement and it will have reinforced brand of our organization. The best thing about that it
will respond to the trends and competitions.
Invention is also important for the organisation because company can’t survive with the old
products they have to invent or bring something new for the customers. With the invention of
new products everyone wants to try that and if it will achieve success than it is beneficial for the
company. Invention expands the boundaries of knowledge of human being its experience and
capability.
Innovation can be termed out as one of the crucial component that each enterprise must put their
focus to enhance the customer satisfaction. This is significant for organisation to carry out the