What is Innovation vs. an Invention?

March 22, 20130 Comments

You’ve discovered something you believe is valuable.  It could be a new idea, gadget, device, process, design or a composition.  Whatever it is, in order to unlock its value, you will need to embark on a process to bring the concept to fruition.  This process is called innovation … taking a new idea to commercialization.

Innovation and invention are sometimes used interchangeably.  But if you looked up the definition of the words in a dictionary, you will find there is a distinct difference.  Invention is defined as “a device, contrivance or process originated after study and experiment.”  Innovation is defined as “the introduction of something new”. 
New Innovative Product

The commercial sector is always on the lookout for new opportunities and licensing is the tool that partners IP owners with businesses and entrepreneurs to implement the commercialization process and introduce the IP to the marketplace.

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About the Author ()

Rand Brenner is President / CEO of Licensing Consulting Group, an intellectual property management and licensing company specializing in assisting clients in IP Management, Strategic Consulting, Acquisition of Licensing Rights, and Property Representation. Rand has licensed some of the biggest Hollywood blockbusters, including “Batman” and the “Mighty Morphin Power Rangers”, both of which generated billions of dollars in worldwide merchandise sales. He has lead various international licensing programs as both licensee and licensor, and through consulting projects focused on licensing strategy, brand development, sponsorship sales and property representation.

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