Innovation versus Invention Essay Example | Topics and Well Written Essays - 500 words

Innovation versus Invention - Essay slipNovelty is the introduction of a new idea into the world. While dealing with innovation, an idea does not hasten to be new except in a specific situation. When a company introduces an idea to the world, it is express to be innovative regardless of whether it is new to the industry or not. Basically, an invention is novel and potentially a lot applicable whereas an innovation is usually practically applicable and hence introduced into the foodstuff. In terms of stages, invention is seen as an early stage while innovation is the end stage where the introduction of the ideas is presented to the end user. Innovation is categorise into two namely, product or service and process.Product or service innovation is about first appearance of new and improved products or services to the market. Some of its advantages to man include higher prices and profitability, added value, increased market shares and improved public relations. Process innovation deals with better and efficient ways of producing existing products and better ways of delivering existing services. This has benefited mankind in terms of reduced costs, improved quality of services and more antiphonary customer services. One example of innovation that has impacted mans existence is the application of Bluetooth engineering science in mobile and computer devices for faster, cheaper and more convenient transfer of files and information.