Science, Invention or Innovation - Which one will you select?
As an entrepreneur it is important that you select the correct route for your company.
Given a choice, which one would you select?
Science, Invention or Innovation?
Science, Invention and Innovation
Science, invention and innovation are strongly linked together but they are very different things.
Science
As per Merriam-Webster dictionary Science is study of the natural world based on facts learned through experiments and observation.
Science usually needs huge huge budgets. Electricity, Telephone etc. are good examples of science.
Pros:
You can mark your name in history
If streamlined properly you can enjoy the benefits for a long period.
Cons
In today’s competitive world it is a huge risk for a small or medium scale corporate to invest heavily on Science and wait decades to get the money back.
If the Science can’t lead to Inventions, it is not going to give any profit.
Nowadays Science funding is done by Universities and Big Companies like Google.
Invention
Invention is the product of productive imagination.
Three dimensional printing is a good example of recent inventions.
Many a times, a break-thorough in science leads to invention. But both science and invention can be useful to a company only if they can be converted into products or services that the customers buy.
Also, inventors need backing from others to commercialize their invention.
There are a quite few questions to consider:
Can this be done with a controlled budget?
How long will it take for ROI?
Pros:
A good invention can change the world.
Cons:
Until unless there’s a purpose, you cannot sell your invention.
Even today, many companies spend money for new inventions.
Innovation
Innovation is the way of enhancing an existing invention to come up with a new product or service. It is very closer to market than Invention and Science.
Commercializing innovations are easier than invention and Science. Even if an innovation fails, innovators can quickly turn to something new.
Innovation has its own share of competition too. But its rewards of success is high and ROI is also quick.
So, which one of the three will you select for your company?
