What Innovation and Invention Mean in the Market

What Innovation and Invention Mean in the Market


It was the 1990s when the rise of the Internet lead to an age of innovation. The World Wide Web made all kinds of interaction cheaper, faster and better. You could communicate across nations, search the web for information about almost anything, and now internet has taken a toll once again, and given businesses a chance to flourish.
There have been awards given out to investors for funding ideas that have brought in a revolution in the face of earth. But, if you carefully notice, most of these innovations have merely been modest concept. The key to their success is that they arrived into the market first. You can capture the attention of people when you are the first ones. That was the concept back in the day.

Now, the situation is something very different. There is risk involved in many ideas, so we bring to you some strategies as to how you can bring a new product into the market and make people like it. Read along:
There is no surprise that the riskiest investment is in the field of science. The Federal government is funding research and development from many years, but the Trump government is calling back on that. Even big corporations can’t afford t make investments in this field considering the high risk factor. A scientific invention should be able to solve a problem. Because inventions that are created directing user insights have a greater chance of becoming commercial as well.

What is an invention? It is something new that has been created for human benefit. It creates a new platform that allows new possibilities that didn’t exist before. But your invention needs to be scalable; otherwise it is going to sit on the shelf for ages.

Sometimes all you need to do is to add a new feature or make a certain change the existing product that might provide quick returns. If invention is sand, then innovation is just moving this sand around. If you wish to earn money, you probably going to innovate, and not invent. Coming up with something completely new, from the scratch is a tough job. But, innovations tend to fail faster, fail cheaper and change their directions continuously. Because innovators look for something that pleases the audiences. More competitors, more innovations. Big data provides an opportunity for businesses for innovations and understand what their customers truly want.