He says innovation equals invention. Let me just stop here. Innovation equals invention often people mistake these two things for the same thing. Innovation equals invention, they are not. Innovation is something that generates value for the world. It makes something faster, better, cheaper. It gives someone some great satisfaction.
An invention is an idea, a technology, a patent. In and of itself, it does not generate value. So these two are not the same thing. And sometimes you see them interchange. And that's not correct. So innovation equals invention times commercialization. So and when we look at this equation of innovation something of value, it requires a new idea and then it requires someone or some organization that is going to commercialize that idea. And to make it a value to the world.
Significantly focusing on the fact which is mentioned is innovation and invention, and it comprises that innovation is not the same as invention. Additionally, it also denotes that innovation generates value for the world, whereas invention is an idea or patent that does not generate value. Considering the most substantial insights which are specified here, it requires both new idea and some organization that is going to commercialize that idea to create a value to the world.
