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Invention
Invention
Invention is the first occurrence of an idea for a new product or process, while innovation is the first attempt to carry it out into practice. There is often a considerable time lag between the two. Another distinction is the fact that innovation is mostly carried out in firms whereas invention can be carried out anywhere.
References
Fagerberg J., Mowery D.C., Nelson R. (2005) "The Oxford handbook of innovation", Oxford University Press, NY, USA.
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