Question
Distinguish between Innovation and Invention. How do creativity and innovation contribute
to entrepreneurial success?
Answer :
Word Count : 531
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Skip in 10
Innovation and invention are closely related concepts, but they differ in their meaning, purpose and role in entrepreneurship. Invention refers to the creation of a completely new product, process, method or technology that did not previously exist. It is generally the result of scientific research, experimentation and technical knowledge. For example, the invention of the telephone introduced a new technology for communication. In contrast, innovation involves applying new or improved ideas in a practical and commercially valuable manner. An innovation may involve creating a new product, improving an existing product, introducing a new production method, developing a new market or adopting a better business model. Thus, invention is primarily concerned with creating something new, whereas innovation is concerned with implementing ideas successfully
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