Innovation is at the heart of entrepreneurship. Entrepreneurs use it to create change and opportunity. They use it to create competitive advantage. And, occasionally, they use it to create entirely new industries. Firms that grow do so because they innovate in some way. Cannon (1985) points out that ‘the ability of the entrepreneurial mold-maker to break free from bureaucratic rigidities, fan the flames of innovation and create new situations has been the basis of the growth of many of today’s great corporations’. For all firms, of any size, innovation has become something of a Holy Grail to be sought after and encouraged. And the same applies to nations as they strive to see their economies grow. As Michael Porter said in The Competitive Advantage of Nations (1990): ‘invention and entrepreneurship are at the heart of national advantage’. But what is the difference between invention and innovation?
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- Exploiting Innovation
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- Chapter 12