The difference between invention and innovation is elaborated critically. Invention as everyone perceives it is a portrayal of a new practical design, making it work while innovation is something more of a brilliant nature. Innovation is to transform the invention into an advantageous and marketable product.
There are considerably 7 types of innovations studies at large. The first of all is the Radical Innovation depicting essential advancements in science and technology which can modify and radically change business concepts and strategies. Further Incremental Innovation is observed. It is actually the modification of the innovation itself due to small collective alterations. Adopting new changes to keep the upbeat of the product is termed as incremental innovation. Product innovation is a commonly seen type. It is the addition of a new product similar to other ones, but with a few distinguishing characters to give an edge over others. This is simply a manufactured product from perhaps a new entrant in the market or an old rival of the industry. Process innovation is considered to be the change in the manufacturing techniques of the product. The product remains the same but is built via different innovative techniques and tools that may reduce the assembly time and costs of energy usages over the production. It also involves different technologies which are implemented to enhance the factors of assembling the products in order to increase ‘productivity time’ in lesser hours of work (Dodgson, 2000)
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