Description

© Ogan Gurel (All Rights Reserved)

On Innovation Part I: Innovation is Not the Same as Invention
Posted by Ogan Gurel MD MPhil at 17 September 2007, 3:53 PM and is filed under Innovation
In the first part of a three-part series on innovation, we discuss innovation and distinguish it from invention. The second and third parts will discuss the elements of fostering innovation and accelerating development.
Innovation vs. Invention
Consonant with the etymological origin of the word, “innovation” implies the creation of something new. In this regard, innovation is often equated with invention. However, the two definitions – innovation and invention – have been evolving and it has been recently appreciated that these two should, in fact, be regarded differently.
As Jan Fagerberg wrote in his 2004 article “Innovation: A Guide to the Literature:”
“An important distinction is normally made between invention and innovation. Invention is the first occurrence of an idea for a new product or process, while innovation is the first attempt to carry it out into practice.”

http://www.linkedin.com/in/ogangurel