Discuss the concepts of invention and innovation

1. Invention: • Invention refers to the creation of a new idea, technology, product, or process that has not existed before. It involves the development of something novel or original that addresses a specific problem or satisfies a need. • Inventions can range from tangible products, such as new devices or machines, to intangible concepts, such as mathematical theorems or scientific theories. • Inventions often arise from individual creativity, scientific research, experimentation, or serendipitous discoveries. They represent the initial spark of innovation, laying the foundation for further development and implementation. 2. Innovation: • Innovation, on the other hand, refers to the process of taking an invention and transforming it into a practical application or commercial product that creates value for individuals, organizations, or society as a whole. • Innovation involves not only the creation of new ideas but also their implementation and adoption in real-world settings. It encompasses activities such as product development, marketing, distribution, and organizational change. • Innovations can take various forms, including incremental improvements to existing products or processes, radical breakthroughs that disrupt entire industries, or the introduction of new business models or ways of organizing economic activity.