Innovation and Commercialisation: Comparison between innovation and invention

Innovation & invention
The concept of innovation refers to an indulgence or bringing of something new
into the business or within the process which can output into a different item. This can be
done for any product or service that has a potential for growth in future. In order to stay
competitive, innovation is highly necessary for the businesses to bring into company’s
operations.
Invention denotes to the introduction or a creation of any latest product or service
within a business. This is highly concerned with the productivity as well as the creativity
of any organisation (Angelo and et. al., 2020).
Importance of Innovation
The various significance of innovations is mentioned below:
 This deals with the enhancements of company's productivity as well as their
values.
 Innovation is very helpful in gaining the competitive advantage as this attracts
more customers for the latest product or service.
Comparison between innovation and invention
Basis of comparison Innovation Invention
Skills required This involves different
technical, strategic as well as
marketing skills. Innovation is
related with different
combination of process or
product.
This involves different
scientific skills as this is
related with the single product
or process in an organisation.
Concept This is the concept related to
the practical execution of
latest thoughts.
This is a concept related to the
original thoughts & doing
invention of a new item.
Tools or approaches to innovation
The different tools or approaches that leads to innovation are mentioned below:
 Vision: The Hakim Group carries a vision of attaining different investment opportunity to
the optometrists who aims in running their business by own. With respect to the
innovation or commercialisation, the company provides their expertise in having a sound
investment opportunity to businesses for generating brand image across the country.
 Leadership: This is the most common approach for having a business innovation. Here a
leader at Hakim Group leads the team for the particular objective that involves
transformational style. The leaders through their style encourages the staff who are
ambitious and brilliant which allows them to think beyond the box and brings some
innovation.
 Teamwork and Culture: The collective efforts of employees within a team by abiding the
culture brings a reinvention or innovation in company's workings or even in the products
& services. The culture for Hakim Group is related with professional and ambitious
personnel’s. This is related with a positive and healthy working environment with a
collaborative effort through a team work. This mixture of culture & teamwork gives rise
to innovation within a firm.
Innovation and Commercialisation (LO-1 & LO-2)