Innovation vs. Invention
The terms "innovation" and "invention" at times straddle the line between conceptualization and actualization. Essentially, invention constitutes the initial creation of a new product, technique or practice, while innovation represents the practical fulfillment of one or (as often is the case) multiple products, techniques and/or practices.
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History
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From the wheel and the cart to the bifocal lens and the eyeglass frame that houses it, invention and innovation have been joined throughout history.
Function
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Invention serves to expand the domain of things that can be done or used, while innovation searches for the best ways to incorporate and use those things.
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Significance
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"Innovation" and "invention" are terms that can profoundly influence the degree and distribution of credit for a specific product, since in many cases it may not be apparent whether the innovation or the invention component of a product was most important to its success.
An Instructive Example
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Though the technology it employs was invented long before its introduction as a product, the iPod became successful due to the unification of multiple features of interest to consumers--aesthetics, simplicity and seamless software integration, to name a few.
Considerations
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The combination of innovation and invention in a single product can make it difficult to discern which of the two terms to apply to it. For example, Twitter represents both the invention of a new process (very short Web postings), and the innovation of combining that process with social networking technology.
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