Invention vs. Innovation

Aspect	Invention	Innovation
Definition	Creation of a new product, process, or idea.	Introduction of a newer and better solution that meets new or existing market needs.
Commercialization	May not be commercialized.	Results in commercialization.
Nature	Can be autonomous or induced.	Usually induced.
Motive	Can be for economic or non-economic motives.	Typically for economic motives.
Organizational Impact	May bring few changes in the organization.	Brings organizational change.
Sequence	Precedes innovation.	Succeeds invention.
Scope	Usually restricted to R&D centers.	Spread across the organization.
Risk	Often involves more uncertainty and risk.	Involves less risk compared to invention.
Outcome	Results in the creation of something entirely new.	Results in improving, optimizing, or repurposing existing things.
Examples	Invention of the printing press, telephone, electricity, etc.	Introduction of the iPhone, TV, tablet, etc.