Invention vs. Innovation
The usage of the term innovation has grown exponentially over the years, I wonder indeed if it would be possible to open a business magazine, a newspaper or a management book without coming across it at some point. It is also a fact that during the 80s and 90s whenever managers or shareholders talked about mergers and strategic decisions they would justify everything with the word synergy. What is the purpose of such acquisition? Synergies! Why is your company investing in such segment? Synergies! Well, guess what, now they have another magic word under their belt, innovation.
But don’t get me wrong here. It is beyond discussion the fact that innovation plays a central role in the success of companies. In my article “Long Term Success or Survival?” I show how the failure rate of top companies around the world is surprisingly high also due to their inability to manage innovation. When I say that people are using innovation as a magic word, I mean that often times managers and politicians are concerned too much in filling their speeches with the term and not concerned at all in understanding the dynamics behind the phenomenon.
The first confusion to dismiss is the difference between invention and innovation. The former refers to new concepts or products that derive from individual’s ideas or from scientific research. The latter, on the other hand, represents the commercialization of the invention itself. It is important to have this difference clearly outlined because an invention may have little economic value, if at all. In order to monetize an invention it is necessary to transform it into innovation, and such transformation is possible once we find a target customer, application or market.
There are several examples of great inventions that generated little or no returns to their inventors. In 1947 some scientists at the AT&T laboratories created the first transistor in the world. The invention was obviously patented, but the organization was not able to find promptly an application for the new device. They did an outstanding job with the invention, but failed to develop the innovation. Precisely for that reason in 1952 AT&T decided to license out the transistor. For $ 25.000 companies like Texas Instruments, Sony and IBM acquired a technology that would produce billions of revenues in the coming years.
Xerox is another qualified company when we talk about missing big opportunities, just like AT&T they were very good inventors, but they lacked the ability to transform such inventions into innovations. In the famous Palo Alto Research Center (PARC) Xerox was the first company in the world to develop a personal computer (years before Apple or IBM), a graphical oriented monitor, a word processing software, a workstation, a laser printer, a local area network, a hand-held mouse, and the list goes go. Yet it profited from almost none of such breakthrough inventions.
To invent or to innovate, that is the question!
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[…] Invention vs Innovatoin [Innovation Zen] […]
A HYPOTHESIS by DR. Koul.
Whereas the earlier part of the 20th.century was the century of ‘INVENTION’,the tail end of the 20th. century and the beginning of the 21st. has been dominated by ‘INNOVATION’. If ‘ NECESSITY and NEED’ were the mother of Invention, ‘ GREED and INTEREST’ are the mother of Innovation.
The LEADERS of the 20th. century were driven by NEED and invented for long term use and necessity. As compared to this the ‘MANAGERS’ of the 21st. century are driven by GREED and are innovating for short term gains. This process is fuelled by ‘GLOBALIZATION’ and is creating ‘WEALTH’ for a few but not ‘ELIMINATING POVERTY’ for the mass of humanity. In addition this growth is very wasteful and unsustainable. It is destroying the environment and possibly the human civilization as we knew it.
The caveman being a ‘hunter-gatherer’ was influenced by the ‘fight or flight’ syndrome and developed a brain that is wired for ‘fear and greed’ stimuli. However women are ‘home & family builders’ so the female brain must have evolved differently from male brain. Therefore women are not wired to be driven by fear and greed.
Based upon this ‘Amazing Hypothesis’ we can develop a strategy for building future ‘Women Leaders’ who are driven by ‘NEED’ and invent for ‘Sustainable Growth’ that is ‘Environmentally Friendly’.
A Strategy for building women leaders!
Maharaj, interesting theory.
I do agree that the business world will derive benefits from the inner differences on the psychology of men and women.
Companies that learn to explore them will certainly leap ahead from competition.
Failure rate in technology products is typically 60%. That is an incredible amount of wasted capital when the excuse is whether the project was managed properly.
Great article! Many companies also falter because they fail to sustain innovation. This could be due to their failure to maintain the original business strategy for continued innovation. I’ve written a related article called “After Innovation: Sustaining It” and can be found at http://radicalhop.com/blog/2006/07/11/after-innovation-sustaining-it/
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[…] From the innovation zen post: The first confusion to dismiss is the difference between invention and innovation. The former refers to new concepts or products that derive from individual’s ideas or from scientific research. The latter, on the other hand, represents the commercialization of the invention itself. It is important to have this difference clearly outlined because an invention may have little economic value, if at all. In order to monetize an invention it is necessary to transform it into innovation, and such transformation is possible once we find a target customer, application or market. […]
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