Innovation vs. Invention
In organizations ranging from large corporate to tiny venture, from for-profit to non-profit, from enterprise-focus to consumer focus, the engine that consistently drives growth, value and impact is INNOVATION. The faster, more powerful the engine, the better the outcomes by any measure.
Public markets place a premium on the value of innovation. Venture capital and private equity investors bet on the potential of real innovation in new ventures. Foundations grant funds to non-profits that demonstrate innovation in tackling and solving key social issues.
But all to often, INVENTION is mistaken for INNOVATION. Inventions are exciting, necessary, but rarely enough. Inventions are just new ideas, new ways and new techniques. But is in innovation that these ideas are made real, made to scale, made to sell and made to build sustainable and valuable organizations. They do not just INVENT, they INNOVATE. And the very best of organizations, of any size or type, do it continuously, thoroughly, and the results are measurable.