On the practical applications of innovative ideas and the creation of value … and why the 21st century is the century of innovation
Innovation is not only creating something completely new, but creating a product that is valuable, especially commercial, economic, practical or of social value. Therefore, creativity when associated with value and the company is innovation and an innovative product is “useful for others”. Innovation could lead to business and commercialization, since innovative products are commercially viable. While an invention is creation of something new, innovation is the creation of a product or service that is valuable and useful to consumers. New and innovative products are sometimes radical and revolutionary, although there is an incremental innovation that improves the systems or products that already exist. Innovation helps create commercial, practical or social value through the implementation of new ideas. There is this awesome article online that really goes in details – http://www.bocaratontribune.com/bocaratonnews/2018/06/inventhelp-changing-world-business/.
Innovation is applied invention and helps create a new product to meet the needs of users not satisfied in the market. An invention is a new product, but it could be a valuable solution to a problem and only acquiring commercial, social or practical value, an invention becomes innovation.
This discussion is based on the psychological basis of innovation and although innovation would be associated with creativity, creativity is a trait in humans and innovation is ‘what you do’. Therefore, innovation is a form of action that requires creativity, initiative and radical thinking. Therefore, innovation focused on the creation of a product is action-oriented, while creativity is thought-oriented. The company is necessary to turn a creative idea into an innovative product that will have significant value in the short or long term. The psychological process of turning an idea into an innovation goes beyond the creative process and involves a practical planning of design and commercialization of the product to make it commercially viable.
Innovation involves the stages of brainstorming about a creative idea, solving problems, processing or developing to come up with something radical and different and then developing a business model to help meet the needs of the market and the user. Creativity as a thought process is the first step of innovation. Innovation usually involves a new idea, method or product and the art, technology or business of introducing something new. When ideas are translated into innovation, value is created and this forms the potential for business. Innovation is the creation of a product with inherent value and this is done considering which product will be of value to the user or will be successful in the market. Find out more from https://blogs.ubc.ca/inventhelpreviews/. One could argue that even creativity is responsible for the creation of products with aesthetic value or artistic value. Well, that’s true, but the value created by innovation is probably more objective, because innovation creates economic, commercial and social value.