Series 1 - Day 1: Invention, Innovation & the Paths to Market

When we talk about new products, the conversation often blurs the lines between invention and innovation. Yet, understanding the distinction is crucial, not just for entrepreneurs and designers, but for anyone hoping to bring a new idea to market. The path you choose can shape your intellectual property (IP) strategy, funding requirements, and even your ultimate success.

What Is Invention?

Invention is the act of creating something fundamentally new, be that a device, process, or technology that didn’t exist before. It’s the spark that ignites new industries and changes the way we live. The first 3D printer, for example, was a true invention. It required years of research, technical breakthroughs, and a willingness to challenge the status quo.

Inventions are often born in labs, workshops, or even garages. They’re the result of curiosity, persistence, and a drive to solve problems in ways no one has tried before. The journey is rarely easy. Inventors face technical hurdles, scepticism, and the daunting task of proving that their idea actually works.

What Is Innovation?

Innovation, by contrast, is about making things better. It’s the process of reimagining how we apply, combine, or deliver existing technologies and ideas. Innovation doesn’t always require a new invention; sometimes, it’s about finding a smarter, more user-friendly way to do something familiar.

Take meal kit delivery services as an example. The concept of home-cooked meals isn’t new, nor is food delivery. But by combining these ideas and leveraging logistics technology, companies like Gousto and Hello Fresh created a new market segment. That’s innovation in action.

Why the Distinction Matters

Understanding whether you’re inventing or innovating isn’t just a philosophical exercise it has real-world implications:

IP Strategy: Inventions are typically protected by patents, which require novelty and a detailed application process. Innovations may be protected by design rights, trademarks, or trade secrets, depending on what’s new or unique about your offering.

Funding Needs: Inventions often require more upfront investment for research and development, while innovations can sometimes be brought to market more quickly and with less capital.

Time to Market: Inventors may spend years perfecting their technology, while innovators can often iterate and launch faster by building on existing solutions.

The Journey to Market

The path to market is different for each approach:

• Inventors face longer timelines, higher technical risk, and complex IP processes. They must prove their concept works, secure patents, and often need to educate the market about their new technology.

• Innovators can move faster by focusing on user desirability and market fit. They iterate quickly, respond to feedback, and often rely on branding, design, or business model innovation to stand out.

When Invention and Innovation Meet

The most successful products often combine both invention and innovation. Consider the evolution of the electric vehicle. The core invention, electric propulsion has been around for over a century. But it took innovative business models, user experience design, and advances in battery technology to make electric cars mainstream.

Key Takeaways

• Know whether you’re inventing, innovating, or blending both.

• Tailor your IP and go-to-market strategy accordingly.

• Remember: success isn’t just about what’s new, it’s about what’s better.

If you’re ready to take your idea to the next level, understanding your path is the first step. In the next post, we’ll dive deeper into the inventor’s journey and what it really takes to bring a new idea to life.