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When in Newport (III). Invention vs. Innovation

Good night!

Let´s start today with the subject “Invention vs. Innovation”. I did my best to try to reconcile what is this all about terms which we use systematically and interchangeably.  But I had to start with the word creativity, simply because we can´t define Invention if we don´t understand how human beings are creative.ideas good.jpg In addition, I tried to simplify what neuroscientists think about the creativity in our brains, but I was not successful. I believe this is subject to another Volvo Ocean Race of 9 months. Neuroscientists are evolving in all their own conceptions about the brain functions, and we simply need to wait for them to explain us better about it. I am fascinated with the idea of understanding our brain functions in relation to business and corporate strategy. There must be a neuroscientist reason why some people are more creative than others. Moreover, it is simple, the better we re-train or learn how to make decisions, the better businesses we will be able to create. Everything starts with an idea, but will this idea make valuable businesses in the future?. I am a believer in beautiful businesses (with integral value propositions) which can help us to evolve by caring for our environment, education, and integrity of life. Remember we have so many things to fix and repair from our old ways of doing businesses. It is insane to continue building businesses without considering all the integral aspects of success (social, cultural, environmental, financial, legacy, spiritual, etc.)great idea

Let´s go to the slides prepared for you today. Please take your time to read them. It took me a lot of hours to discern what to write, simply because I was looking around and there are thousands of point of views in relation to creativity, invention, and innovation. To simplify those terms has cost me several hours of prioritization. And my guidance was to emerge with the most simple ways to show you the differences between the mentioned terms.

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If you wish to download the last set of slides in PDF, click here please: Eliescalante Newport stopover Innovation vs Invention.

From all the articles, papers, books and digital work, there was a figure from Asymco which made me click. The author has synthesized what I was looking for. In a culture of open innovation 2.0, trying to define a word is less than easy. It is complicated. But this figure is self-explanatory.  Horace Dediu has proposed it and explained us in his own words: He has proposed the diagram using a simple taxonomy of related activities that put it in context.

  • Novelty: Something new
  • Creation: Something new and valuable
  • Invention: Something new, having potential value through utility
  • Innovation: Something new and uniquely useful

In addition, we will see the following diagram from Pretorius, Millard (2005). The figure below explains the relation between creativity and innovation indicating the inclusive and distinctive domains between the constructs in entrepreneurship. Each author has its own definition of these terms, and it is relatively difficult to find simple abstractions to explain them.


Source: Pretorius, Millard, “Creativity, Innovation and Implementation: Management Experience, Venture Size, Life Cycle Stage, Race and Gender as Moderators”, 2005.

This is all for today. Tomorrow we have to enter to the core subject of our Newport stopover, “Strategic Innovation in the context of Industry 4.0”. I have to get some rest, tomorrow I need to be bold in what I wish to deliver for all of you.

Wishing you a beautiful night,

Thank you.invention gif.gif

Source References:

Disclaimer: All the presentation slides shown on this blog are prepared by Eleonora Escalante MBA-MEng. Nevertheless, all the pictures or videos shown on this blog are not mine.  I do not own any of the lovely photos or images posted unless otherwise stated.







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