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chapter 10.docx

chapter 10.docx - 1 What is the difference between an...

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1. What is the difference between an invention and innovation? What are the differences between incremental versus radical innovations? At the most basic level, invention can be understood to be the creation of a product or a particular process for the first time. This creation can is novel and can then be turned into a tangible good of value. Innovation , on the other hand, occurs if someone improves on or makes a a meaningful contribution to a product, process, or even a specific service. This is what happens when someone entertains the Incremental innovation is nothing about dramatic changes. On the contrary, firms that innovate incrementally tend to do so just a little bit at a time. The reason incremental innovation is popular is because it has reduced risk in comparison to radical innovation. Likewise, radical innovation involves a dramatic effect on the market. This type of firm is continually innovating itself in such
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