Question 1: Often people confuse an invention with an innovation. When is an invention not an innovation, and why is that so?
Invention and innovations are closely linked terms that in many instances refer to a similar aspect. However, inventing new approaches to a business challenge, product or services does not measure the success of innovation. When a newly invented idea does not result into a successful resolution to a challenge, it ceases to become an innovation. This implies that failure of new ideas to work commercially and technically in a business denies it from being an innovation. For instance, the invention of mobile electric generators for automobiles would not be commercially and technically viable if there are no electric cars discovered in the market hence, not an innovation. Similarly, the invention of the electric light bulb by Thomas Alva Edison was an excellent discovery but not an innovation due to lack of electrical power supply.
2). Response to Comment 2:
COMMENT: A business that has an innovative operation is always trying new things and measuring for success or failure.
Regarding normal business operations and innovative ones is not conclusive. An innovative business does not only practice new things all the times but also combines good ideas with proper understanding of the customers tastes and preferences. Besides, such a business practices good governance which is manifested through motivated staffs.
3). Response to Comment 2:
COMMENT: Since I am traveling today, I can look around my hotel room and see a few examples of small product innovations that add value. My first examples are the lamp and radio clock next to the bed. Both have added USB ports so that I am able to easily charge my electronic devices. This small innovation, to existing products, adds great value to me as a customer:
Secondly, the claim that innovations add value to customers is quite substantial. The response demonstrates a critical perception of innovations such as addition of USB port to the lamp and radio clock adjacent to the bed as an important value addition mechanism. As deduced from this comment, minor improvement to normal products or services adds more than proportionate value for the final consumer.
4). Response to Comment 4.
COMMENT: They most certainly do!
Short answer: Without it they would fail to thrive and keep up with current markets and customer demands:
Finally, the incorporation of innovations in business mission statements is a major insight to business achievement. This response adopts the term most which is very important in the sense that despite the significance of innovations, majority of big businesses incorporates innovations into their mission statements but not all. Innovations are ideal mechanisms that generates competitive advantage for a business which major business crave to achieve in order to retain their lead in an industry or market. As cited in the response, some businesses value innovations and acts as one of the main values of operations.
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