What's the difference between innovation & invention? | Tom Pullen | innovinco

Summary

In this video, Tom Pullen, a former Global Innovation Director, explains the key difference between 'innovation' and 'invention.' While both terms are often used interchangeably, they have distinct meanings. Invention is about creating something new and original, but it lacks proven value and large-scale impact. Innovation, on the other hand, takes an invention and implements it to create real-world value. Pullen emphasizes the importance of focusing on innovation performance rather than invention, and ensuring a smooth transition from invention to innovation to maximize impact within organizations.

Takeaways

• 😀 INNOVATION and INVENTION are distinct terms, often confused but fundamentally different.
• 🌟 INNOVATION requires three things: something NEW, VALUE creation, and real-world existence.
• 🔍 INVENTION also involves creating something NEW, but its value and real-world impact are unproven at first.
• 🛠️ An INVENTION must be FIRST and ORIGINAL, introducing something the world hasn't seen before, often using TECHNOLOGY.
• 🚀 INVENTION precedes INNOVATION and can serve as a base for it, but it only gains value when implemented at scale.
• 🎮 Example: Augmented Reality was an INVENTION in the 1990s, but it became an INNOVATION with the launch of Pokémon GO in 2016.
• 📈 Pokémon GO generated nearly $900 million in revenue in 2019, highlighting the long-term impact of INNOVATION.
• 🎯 Focus on INNOVATION metrics, not just INVENTION, especially in technical teams like R&D, which often measure patents and prototypes.
• 🔑 Managing the transition from INVENTION to INNOVATION is critical for maximizing value and avoiding wasted resources.
• 📊 To enhance conversion rates, identify who needs to share information, and when, where, and how to ensure inventions get traction in the organization.

Q & A

What is the main difference between innovation and invention?

The main difference is that innovation involves creating value and making a difference in the real world, while invention focuses on creating something new, but without proven value or widespread application yet.

What are the three mandatory ingredients of innovation?

The three mandatory ingredients of innovation are: 1) It must introduce something new, 2) It must create value for users and the organization, and 3) It must exist in the real world.

What is required for something to be considered an invention?

For something to be considered an invention, it must meet three criteria: 1) It must be new, 2) It must be the first of its kind, and 3) It must utilize technology.

Can an invention be valuable on its own?

No, an invention does not carry inherent value on its own. It only acquires value if it is used and applied on a large scale, transforming into an innovation.

How does invention relate to innovation?

Invention precedes innovation and can act as a base for innovation. However, only when the invention is implemented with impact, creating real-world value, does it become an innovation.

What example is provided to illustrate the difference between invention and innovation?

Augmented reality, invented in the 1990s, is used as an example. It became an innovation when it was applied in entertainment and gaming, specifically with the launch of Pokémon GO in 2016.

Why should businesses focus on innovation rather than invention when measuring performance?

Businesses should focus on innovation because it directly impacts value creation and business success. Measuring invention alone, such as patents or prototypes, does not necessarily reflect the real-world application or success of those creations.

What problem can arise if the transition from invention to innovation is not well managed?

If the transition from invention to innovation is not well managed, a lot of invention work may go unused, wasting time, talent, and resources.

What advice is given to improve the conversion of inventions into innovations within an organization?

To improve the conversion rate, organizations should focus on ensuring the right people share the right information at the right time, to maximize the likelihood that inventions get traction and are successfully implemented.

What is a common misconception regarding patents in relation to innovation?

A common misconception is that patents measure innovation success. In reality, patents protect inventions, but they do not necessarily reflect innovation performance or the creation of real-world value.