Are inventions and innovations synonymous? The answer to this question depends on the definition you apply. An invention is a new product or process that is created by a person. Innovation is a process, product, or service that is improved or repurposed to solve a problem. Both are necessary for a successful business or society, and they can be used in both ways. However, you should know that not all inventions are innovations.
Invention requires a creative mind to come up with a new idea. An inventor must be able to make their idea a reality. However, while an inventor has the freedom to think creatively, their visions are confined by the limitations of science and reality. Inventions must solve problems or satisfy a need that a user will value. But how can an inventor determine if their product is innovative?
The microprocessor is one example of an innovation. This piece of circuit board became the basis for hundreds of products, processes, and services. Apple, on the other hand, innovated on the iPod by changing the shape and design of the product. This product reshaped the way people use a mobile phone. It also revolutionized our society by introducing new features, including the iPhone and iPad. A company that innovates is one that is able to create a new product that solves a problem and makes the user experience better.
idbi full form is Industrial Development Bank of India.