Invention and Innovation

In business class we learned the difference between invention and innovation. An invention is an entirely new idea and an innovation is based on an idea but changes and alters the idea to make it better. This has helped me understand the Statement of Inquiry more which is to Understand that entrepreneurs must innovate in order to remain competitive over time, from the knowledge I learned, I learnt that time plays a key role in businesses because one entrepreneur can innovate from one idea and another entrepreneur can innovate from that idea with new technology. Also this fits in to global context which is Orientation in Space and Time because I like I said before, someone can innovate an idea based on new technology or new industries based on time which is a very influential factor for businesses. This has helped me understand further of the SOI because the fundamentals of businesses is change so over time, new ideas emerge and changes can happen. An example would be that dyson has innovated from vacuums and produced a vacuum that is silent and is portable which shows they have innovated with new technology. Screen Shot 2015-10-05 at 9.52.22 pm

Leave a Reply

Your email address will not be published. Required fields are marked *