Daniel Scocco opines that people are using Innovation as a magic word for filling there speech with the term and not concerned at all in understanding the dynamics behind the phenomenon.
The first confusion to dismiss is the difference between invention and innovation. The former refers to new concepts or products that derive from individual’s ideas or from scientific research. The latter, on the other hand, represents the commercialization of the invention itself. It is important to have this difference clearly outlined because an invention may have little economic value, if at all. In order to monetize an invention it is necessary to transform it into innovation, and such transformation is possible once we find a target customer, application or market.