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eBook details

Title: Inventions and Innovations: Does Stage of Development Matter in Assessments of Market Attractiveness?
Author : Academy of Entrepreneurship Journal
Release Date : January 01, 2011
Genre: Business & Personal Finance,Books,
Pages : * pages
Size : 279 KB

Description

INTRODUCTION Both invention and innovation are vital to a country's economic growth; however, their meaning and overall role in the innovation process differ. Invention is generally defined as the development of a new and useful product, while innovation refers to the ability to commercialize the invention based on a successful business model (Schoen, Mason, Kline, & Bunch, 2005; Attridge, 2007). Invention and innovation are important steps in new product development, but other steps exist in the innovation process which determine the type of invention created and the success of the innovation. A linear explanation suggests that basic research occurs first, leading to new knowledge or a better understanding of how something works. This knowledge is then applied to create an invention. Once the invention is produced or marketed, it becomes an innovation. Finally, when customers first use the product, this is known as acceptance or diffusion (Godin, 2005).