1, Show the differences between inventions and innovations

Innovation is the first cousin of invention, but they are not identical twins that can be
interchanged. Hence, it is important to establish clear meanings for them.
Innovation itself is a very broad concept that can be understood in a variety of
ways. One of the more comprehensive definitions is offered by Myers and Marquis (1969):
Innovation is not a single action but a total process of interrelated sub processes. It is not just
the conception of a new idea, nor the invention of a new device, nor the development of a
new market. The process is all these things acting in an integrated fashion. It is important to
clarify the use of the term ‘new’ in the context of innovation. Rogers and Shoemaker (1972)
do this eloquently:
It matters little, as far as human behaviour is concerned, whether or not an idea is
‘objectively’ new as measured by the lapse of time since its first use or discovery . . . If the
idea seems new and different to the individual, it is an innovation.
[emphasis added]
Most writers, including those above, distinguish innovation from invention by
suggesting that innovation is concerned with the commercial and practical application of
ideas or inventions. Invention, then, is the conception of the idea,
whereas innovation is the subsequent translation of the invention into the econ-
omy. The following simple equation helps to show the relationship between the
two terms:
Innovation = theoretical conception + technical invention + commercial exploitation
However, all the terms in this equation will need explanation in order to avoid
confusion. The conception of new ideas is the starting point for innovation. A new idea by
itself, whilst interesting, is neither an invention nor an innovation; it is merely a concept, a
thought or collection of thoughts. The process of converting intellectual thoughts into a
tangible new artefact (usually a product or process) is an invention. This is where science and
technology usually play a significant role. At this stage, inventions need to be combined with
hard work by many different people to convert them into products that will improve company
performance. These later activities represent exploitation. However, it is the complete process
that represents innovation. This introduces the notion that innovation is a process with a
number of distinctive features that have to be managed. This is the view taken by this book.
To summaries, then, innovation depends on inventions, but inventions need to be harnessed
to commercial activities before they can contribute to the growth of an organisation. Thus:
Innovation is the management of all the activities involved in the process of idea
generation, technology development, manufacturing and marketing of a new (or
improved) product or manufacturing process or equipment.
 This definition of innovation as a management process also offers a distinction
between an innovation and a product, the latter being the output of innovation.
Illustration 1.4 should help to clarify the differences.
It is necessary at this point to cross-reference these discussions with the practical realities of
managing a business today. The senior vice-president for research and development at 3M,
one of the most highly respected and innovative organizations, recently defined innovation
as:
Creativity: the thinking of novel and appropriate ideas. Innovation: the successful
implementation of those ideas within an organisation.

< Paul Trott (2017), Innovation Management and New Product Development Sixth
Edition, 15>

Invention vs. Innovation

Invention Innovation

Creation of something new that people Novelty or improvement.

Invention happens every time an Innovation happens when we need to

Required scientific knowledge and Involves a range of technological and

Usually includes creating a single Related to creating a myriad of

Limited to the organization’s research An ongoing process.

Examples of inventors and their inventions:

 The Wright Brothers – Airplane

Examples of innovators and their improvements:

 Steve Jobs and the introduction of i Phones and i Pads

Rashmi Karan, Difference Between Invention And Innovation, retrieved on Dec 8, 2022
from <https://www.naukri.com/learning/articles/difference-between-invention-and-
innovation/>
2, Explain technology push, and demand-pull theory, and give E.G

The demand pull hypothesis starts from the notion that the innovating firm gets the idea for
an innovation from the market
The firm recognizes a specific problem that consumers face, and sets out to develop a
product that solves this problem.
E.g.: Microsoft recognizing that users of its old MSDOS operating system are
limited in their efficient use of computers by the low level of user-friendliness
of this product. Market research
Bui, V.(2021), Innovation management slide, Lecture 1(36)
The technology push hypothesis starts at the other end of the marketing-R&D interaction.
Here it is the engineer who recognizes that a specific piece of new technological knowledge
may result in a product. It is then up to the marketing department to try to find a market for
such a product.
 Now one may imagine the engineer coming up with (in her eyes) a sophisticated piece
of new technological ingenuity for which the marketing department does not see any market.
E.g.: the British-French aircraft Concorde is mentioned as an example of such a
product. The Concorde is obviously a beautiful piece of aircraft engineering, and it is still
the quickest passenger airplane in the world. But despite its technological sophistication, a
large market for Concorde flights never emerged (due to the high price of tickets as a result
of fuel inefficiency).
Bui, V.(2021), Innovation management slide, Lecture 1(39)

3,

The curve above show the performance of film camera and digital camera
Overall, the film camera steadily increasing overtime.
At the before T1 the film camera still remain stable but when the curve came to nearly T1
film camera saw a significant increasing before returning gradually increase at the period
between T1 and T2, also at the T1 saw an appear of digital camera and strongly increase to
the end of the period of time after overpass film camera

B,
At T1, performance of digital camera is lower than Film camera. Then in T2, digital
camera overcome film camera .
o There are 2 types of customers opinions:

90 – 95% customers are not willing to used because they get to used film camera and they
have no need to change it
- About 5% of customers want to experience and they embrace new technology.
Bui, V.(2021), Innovation management slide, Lecture 3
C,
o When new technology appears, there are 3 options the company owning the existing
technology have to face:
1. Ignore new technology: new technology always raises suspicion and many industry
leaders who have spent a lot of success in that field ignore the emergence of new technology
because they are too busy with owning its established products. The most obvious example
for this case is NOKIA, when there was the launch of touch screen phones, all interest in this
new technology was almost nonexistent. However, until the launch of the first iPhone in 2007
- touch screen technology seemed to come to light. And then it was NOKIA's management
who also realized their mistake when they were too confident in the technologies they owned.

2. Realizing the potential of new technology, but the potential is not enough to pursue:
Many companies have recognized the future of disruptive innovation and they believe
in its development. However, due to the resources of the enterprise at that time, it was
not possible to meet a new business model. A new business model will entail large-
scale changes in departments. Therefore, the shortage of resources will not allow
businesses to invest in new technology because short term financial returns will not be
guaranteed.

3. Seeing the development potential of new technology and investing part of its
resources in it. That is the case with Vinfast, they accept short-term financial benefits
to invest in electric vehicle technology. Vinfast accepts that maybe in the next 5 to 10
years they will still have to suffer losses, and devote resources from other businesses
in the group to electric vehicle technology - that is trade of

Reference
Innovation Management and New Product Development Sixth Edition.............................
<https://www.naukri.com/learning/articles/difference-between-invention-and-innovation/>
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Innovation management slide