Invention and Innovation
-Invention is the formulation of new ides for products or processes.
-Innovation is all about the practical application of new inventions into marketable products or services.
Innovations can fall into one of two categories.
Product (or service) innovation
This is about launching ner or improved products/services onto the market. (links to marketing)
- First mover advantage: which can include some of the following;
- enhanced reputation as an innovative company
- public relations: news…