Thursday, 12 November 2020

What is innovation?

  • Innovation is the process of turning a new concept into commercial success or widespread use.
  • Invention is the creation of a new idea or concept.
  • Creativity is the act of turning new and imaginative ideas into reality.

Creativity

Creativity is the act of channeling imagination into something concrete. It is the very first stage of design, where ideas start to actually take form, and a plan can be developed. 

Examples of creativity:

  • in the case of Uber, creativity was necessary in producing the concept of ride sharing and of making driving jobs accessible to any individual. 
  • another example can be the Google Glass, which although were very creative at the time (new, different in the market), were not necessarily innovative (monetary return over investment made by the company).

Invention

Invention is the physical creation of a new concept or idea. Also, from Nesta’s innovation policy tookit, it is defined as The creation of an idea to do or make something without verification that it works, or is commercially valuable. Invention cannot occur without creativity, but just creativity is not enough to properly develop an idea.

Examples of invention:

  • product designs, business models, or working prototypes. 
  • Uber channeled invention in creating a solid and working business model, based upon the ideas they had formed in the creation stage. 

Innovation

Innovation ties everything together in business. According to British Standards, Innovation is the successful exploitation of new ideas. It involves turning an invention into a commercial success and encouraging its widespread use. This is the stage where bold ideas, once properly developed, are brought to the public eye. This is what Uber has achieved, now that its product is in use all over the world and benefits people everywhere. 

Examples of innovation:


 

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