ideas, inventions, innovations & enterprise

Ideas, Inventions, Innovations & Enterprise

In working with both entrepreneurs and also experienced business leaders, I often discover

that terminology gets mixed up as regards the discussion about competitive advantage and

value creation when we discuss Innovation. Below clarifies some of the fundamental

differences.

An Idea ≠ An Innovation ≠ An Invention ≠ An Enterprise

• An Idea (Thought)

o Something, such as a thought or conception, that potentially or actually exists

in the mind as a product of mental activity.

• An Invention (Creation)

o An invention is a unique or novel device, method, composition or process

• An Innovation (Use)

o more effective products, processes, services, technologies, or ideas that are

readily available to markets, governments, and society

o Enterprise (Undertaking)

o A project, company, business, organization, or other purposeful endeavour.

• An Enterprise

o An undertaking, especially one of some scope, complication, and risk. o A business organization. o Industrious, systematic activity, especially when directed toward profit:. o Willingness to undertake new ventures; initiative

A successful Enterprise will require a good Idea enabled by either an invention or an

innovation, or both It also requires a well-researched plan with a set of capable resources

who execute the plan well.

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