Innovation and Invention: Comparative Study in Business Context

This essay provides a comparative analysis of innovation and invention, highlighting their conceptual differences, required skills, and importance within a business context, with specific reference to the Hakim Group. It explores the various tools and approaches to innovation, including vision, leadership, teamwork, and culture, and discusses different types of innovation such as incremental, disruptive, and funnel innovation. Furthermore, the essay examines the 4 P's of innovation (Product, Process, Position, and Paradigm) and frugal innovation, illustrating how companies like Hakim Group leverage these concepts to enhance their business operations and market presence. The document is available on Desklib, a platform offering a wide range of study resources and AI-based tools for students.

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)

Types of Innovation
The different types of innovation are mentioned below:
 Incremental Innovation: This is the most famous form of innovation which
allows the utilisation of existing techniques as well as enhancing the customer
values while operating in current market only. The innovation is brought in a
form of adding or removing any feature from the present item or even very
small modification that can provide a new touch to the offerings.
 Disruptive Innovation: This involves adoption of new process or latest
technology by the organisation for the products offering within the current
market. This form of innovation is expensive for the organisations as this
involves expenses in technologies and training which is provided to the
employees for working on such technology.
4 P's of Innovation
The 4 P's of innovation with respect to Hakim Group are mentioned below:
 Product: This comprises of a major element upon which the company's goals
are based. The customers always get attracted towards the innovative products
and expects the same from the company. Hakim Group in this aspect, brings
regular innovation in providing quality within their eye care as well as in
providing the opportunities to the firms who delivering as optometrist. They
have different outlets for their optical shops and various eye care centres.
 Process: This denotes to the enhancement of process that makes cheaper as
well as efficient items which is helpful for both company and the customer's.
The organisation Hakim group, includes independent opticians who can work
with full liberty and involves a team of experience persons who helps the
independent optical shops for their future growth (dos Santos Nogueira,
2021).
 Position: This talks about the activities which are indulged in the promotion of
company's product or services. Hakim Group makes its advertisements
Funnel Innovation
Funnel innovation is a way that leads to the shape of innovation in the minds of employees.
This is applied in order to mention the different steps that are being taken with an aim of bringing
development. For example, the Hakim Group considers its first step as the collection of different
ideas being followed by its screening and finally steps into the process of selection of an idea. This
allows them to provide better eye care services to their customers.
Frugal Innovation
Frugal innovation denotes to the technique which is executed with an aim of reducing the
cost or complexities in company’s process and products. The company Hakim Group, tries to involve
frugal innovation within their process through reducing the unnecessary features from it.
Distribution also deals in the way that are executed for developing services that can be accessible
by the consumers of the group. For example, the selling practice in the staff assists the firm in
maximising the professional way of the practitioners. They also believe that once the sale is done,
the real investment is made through hard work. Hence, by considering each factor of frugal
innovation, the Hakim Group also strives to minimise the complexities in their selling practices to
their practitioners (Baisa and Khan 2021).
References
Angelo and et. al., 2020. Intellectual Property Crimes. Am. Crim. L. Rev., 57, p.973.
Baisa, N. and Khan, M., 2021. EXPLORING THE POTENTIALS OF CROWD-FUNDING AS A
NEW SOURCE OF FINANCE IN SAUDI ARABIA. PalArch's Journal of Archaeology of
Egypt/Egyptology, 18(13).country. Young Consumers.
Innovation and Commercialisation (LO-1 & LO-2)