The Difference between “Invention” and “Innovation” – MY THOUGHTS

The co-founder of Stroome, Tom Grasty focuses on the concept of innovation and invention to the
people opting to enter in the entrepreneurship world. He introduced a collaborative online video editing
and publishing platform that received myriads of accolades from across the globe, and had made him and
his co-founder win different awards which compelled them without internal motivation to educate
others about how then can come up with new ideas in this ever growing and challenging world of
innovative technology. He has thought of his project as an invention to conventional platforms but never
earned the title of invention, though, everyone turned it up as an innovation. He basically highlights the
fact the most of new entrepreneurs have this notion that both these words are grammatically same, i.e.
The Stroome, founders considered them inventors and innovators at the same time. However, in the
later stage, he came to know that innovation and invention are very often confused to be same but in
reality both words are technically very different. Anything that is new and introduced as the first time in
the world, like making fluorescent lamps in 1890s by Edison and Tesla for the first time was an invention
since it was the first time electrically produced luminosity was introduced. In the world of innovation,
these lamps have transformed into energy efficient and better luminosity bulbs. A similar example would
be introduction of competitive services that offer better quality movement of people and goods from
one place to another as in the form of Uber services is an innovation not an invention because the
existing taxi system was improved per the personalized needs of travel.

He emphasizes on the fact that given the needs and essence of time, the people can either invent or
innovate things. Like Steve Jobs did not invent anything, though, he relied on the invention of PC that
was done by IBM and created an innovative gadget called IPod that was both innovative in terms of
design, ergonomics and usability and everything it employed to achieve that was programmed already
under the umbrella of invention made by the IBM, which made him achieve the title of the poster boy of
Innovation. He put on emphasis on the fact that if the entrepreneurs are given the choice to invent or
innovate, they will prefer innovation because it made Steve Jobs to earn the unending fame and
accolades than IBM’s PC inventors.

In conclusion to its article, he highlights some insights of a renowned research analyst with Infosys Labs,
Venkatakrishnan Balasubramanian, according to whom, the key to make your innovation successful, you
need to align your idea with the strategic objectives of business models where you are working, like it
was in case of IBM, when team was instructed to invent anything new but to formulate a personal
computer with available research. The Infosys Labs analyst rightfully pointed out the key performance
indicators for a successful innovation which are competitive advantage, business alignment or synergy,
customers focus, resourceful and objective oriented execution and realistic assessment of impact
business value of the innovative product.