Difference Between Invention And Innovation And What Entrepreneurs Can Learn From This
Innovation has become such a buzzword in the African business scene that if you want to compliment any SME in Africa, calling them “innovative” is undoubtedly the best way to go. The result is that most of us assume that the word ‘innovation’ is simply a fancy new word for invention, wrongly assuming that they are the same. While these two words are closely connected, they are not synonyms and should never be used interchangeably for one simple reason- they represent two very different things.
The words “Innovation and Invention” are related but not identical. “Invention” can be defined as the creation of a product or introduction of a process for the first time. Invention is about creating something new, while innovation introduces the concept of “use” of an idea or method. Innovation flows from invention. “Innovation” occurs if someone improves or makes a significant contribution to an existing product, process or service.
Innovation connects the dots between inventions. To innovate means “to use a new idea or method”. To innovate is to introduce something new to the market, manipulate existing inventions, and turn them into a product or process of use in the real world. Spotting potential for improvement, it cleverly fills a gap in the market and combines inventions into products that will attract customers and generate commercial success.
In the business world where inventions aren’t as popular as what is tenable in the world of Tech or the sciences, the word ‘innovation’ seems to be more valued than its counterpart “invention” because it symbolises a core competency, sought by both SMEs in Africa and world governments alike. An original invention won’t get you very far if it’s not innovative enough.
If an invention lacks real-life value for the user, it will be overtaken by an innovation that manages to satisfy a need. Any business, organisation or country that can harness the principles of innovation (and invention if possible) as engines for new growth sources will be more likely to pull out and stay out of recession.
It’s easy to see how tricky it can be to distinguish between these two concepts. After all, “new” is the keyword for both innovation and invention. But the essential difference is that inventors create something completely original. Each day hundreds of SMEs in Africa innovate even though many do not realise the potential of their innovating efforts. Those who are successful at innovation are continually thinking outside the square.
In light of all the foregoing, then, it clearly is crucial for African entrepreneurs (perhaps more than all others) to appreciate the differences between these two words. There are valuable lessons to be learnt from this understanding, some of which include:
Innovation is a gradual process, and it involves constant learning and adaptation
It is tempting to think about innovation as a huge upheaval that involves the system at large, but what it actually looks like is a one-step-at-a-time process. It consists of numerous presumably small steps that, over time, translate into huge benefits for your small business. All of these mean that the process of innovation is mostly a slow one so you’d best be patient.
Innovation requires more than actual knowledge and adaptation abilities; constant learning is also a key player here because it represents the business owner’s passion for sustainable and steady business growth. Certain strategies in your business can become obsolete at a moment’s notice, and so it’s your job to seek out real-world knowledge you need to improve continually. This will require both humility and willingness to make a difference, but the return on investment will certainly be more than worth it.
Your Business Needs To Have a Unique Selling Point To Succeed
In addition to the process of innovation, invention or both, your business needs to have a unique selling point to succeed. Consumers tend to view innovation as something that adds value to a company’s product or service. For this reason, periodically improving your selling point might be better than wasting long hours inventing something else from scratch.
When this is used the right way, it can give you an advantage commercially, especially in a market that is saturated or shifting rapidly. It can get you more positive exposure in the media and your customers will be more willing to pay the extra money for something that is well-designed and new, rather than picking the less exciting and cheaper rival.
Not only is the invention and or innovation of something new important, but getting it out into the marketplace is just as important. You can come up with a new idea or product, but that does not automatically mean that it has practical value to your target customers. Innovating simply for the sake of doing something different does not necessarily guarantee your success in the marketplace. If you want to innovate seamlessly, you have to combine inventiveness with a marketable or, at the very least, an identifiable value-add.
Your SME Must Innovate No Matter What
As we’ve all come to know, with the practice of entrepreneurship comes difficulties, uncertainty and risk. Crises and hardships are almost guaranteed to present themselves regularly, continually challenging the business.
It is somewhat understandable if this affects the invention process but the innovation process should never be stopped in order to cope with those obstacles. The reason for this is very simple, any company that doesn’t innovate won’t live much because the unofficial mantra here is “innovate or die”. The need for innovation should be internalized not just by you as an SME founder but also by every worker within your company. Whatever technique you choose to spur this on (eg. by organizing recurrent meetings, enhancing the flowing of ideas or creating a safe work environment for your workers) is up to you.
Your Customer’s Needs Are Your Best Teachers Here
Customers are always dissatisfied, even when they think they are happy. They do want a better way; they just don’t know what that way should be yet. Customer needs are constantly changing and the best SME innovators predict changes in the market and provide solutions before people even realise they need them.
The lesson here is that you need to learn from and understand your customers’ needs more deeply than they do. You need to go beyond just listening to your customers and actually invent or innovate on their behalf. This is critical because it is only this level of involvement and creativity that will birth the products or services that your customer doesn’t even know they’re missing.
You cannot meet your customers’ needs on a long-term basis unless you are willing to innovate. If you remain stagnant, your business will eventually flounder. You have to develop new ideas that excite your customers and meet their needs if you want to have staying power.
Sometimes The Best Foot Forward Is To Make the Most of What You Already Have
At the core, the entire process of innovation is about doing something differently from everyone else operating in your space. If your SME in Africa is innovating, then the goal must be to develop or update the products until there is nothing else on the market like it.
This process is not just about creating a new product or service which you can sell, you also need to focus on your existing business procedures to improve your efficiency, find some new customers, increase your profits and cut down on the amount of your waste. Sometimes, the best place to start is from the products you currently have in the market. Instead of thinking of something new to invent, you might find that it is easier and cheaper to improve your business’s current practices substantially.
Not only can this be easier on your team, making better modifications to business policies or products already in place will also likely differentiate your business from your competitors. And if you didn’t already know this, this differentiation is always a particularly powerful tool in an already oversaturated industry, niche or market.
Conclusion
In order to drive the growth of your SMEs in Africa and remain relevant in changing times, African business leaders must be able to think creatively and embrace innovation into their business models. This willingness to innovate is not the only ingredient for success here; these leaders must also have a solid understanding of how to go about bringing that innovation to life.
One way to do this is by periodically stepping out of your comfort zone to gain experience working on exciting, challenging, and innovative projects. Doing this is a great way to expose you to the skills needed to become an innovation driver for your business as well as a motivation to your employees.
