I am always asked what is the difference between Innovation vs. Invention. In my understanding “inventions” are when people create, ideate, design, engineer and model technologies or processes that are unique and even create the IP or patents for it.
While “innovation” is when entrepreneurs or businesses apply business models that create, capture and unlock socio-economic value at large, often by leveraging someone else’s ideas, technology or invention. History has been a great teacher of this. From times immemorial to the entire 20th and 21st century, from Edison and Tesla to almost every single tech company that is successful today. The first to market really does not mean anything at all for the inventor, rather what it does is paves the way for the innovators to follow.
Xerox PARC invented almost everything in the tech industry, it is the entrepreneurs with great vision and execution that made the difference. Like Picasso said, “Good artists borrow, great artists steal”.
The Lesson That Market Leaders Are Failing To Learn From Xerox PARC
How Kodak Failed
The list is endless. Thus it is the business model around technologies or inventions that really make the difference. Ask any successful company or entrepreneur or investor, if in doubt search and look at all the data.