There is often confusion that surrounds the definition of Innovation. Many think it is a synonym for invention. The two terms are related but they are different in key ways.
What Is Innovation
After many years of improvements, modifications, transformations to this invention, the trade and business of telephones worldwide now is nothing short of incredible.
It is this ability to make the next steps that we call innovation.
So, if invention is the discovery of something new, innovation is how to exploit the invention and commercialise it, to achieve economic benefits and profits and with the intention that it creates a general improvement for society.
Types of Innovation
Radical Innovation, such as the advent of the electric car, can have a huge impact and can allow businesses to make a quantum leap in their field.