Invention and Innovation are the most common words which are used by entrepreneurs,
politicians, and other workers. Their idea is to bring a new product or new idea into the
world. In the purest sense, an invention is a process of introducing or creating a new product
in the market, whereas innovation means adding supplementary features to the existing
product. The focus of a company is not only to provide an inventive and innovative product
but also it has to keep an eye on the hurdles the company would face.
Imagine a tool which would analyze the product and idea of a company time to time from its
inception and also predict the performance of a company in future.
S curve is such a tool which would analyze and predict the performance of a company. The
S-curve is a mathematical model which is also called as the logistic curve, describes the
growth of one variable in terms of another variable over time. S curves are found from
biology and physics to business and technology.
Businesses, Products or new ideas of business are attributed by schematic start, where only
new product inventors and niche markets adopt S curve strategies. When there is a rapid
growth in the business it would ensure a high performance and when there is a little growth,
it ensures a matured but a soaking business. When it comes to technology, entrepreneurs
adopt S-curve life cycle for computers, software and other electronic devices. When a
product of the prior categories is into the markets, the growth rate is very low because the
researchers are very poor in understanding the new technology, but once they get to know
about the technology, the progress accelerates rapidly.
For example, IBM is a company which has adopted the S curve principle. In early 1990's the
decline of the business in IBM can be explained by s curve or "innovator's dilemma" .
There are some companies which fall into a prey of marketing myopia , A company which
innovates new products will try to put a good effort in its products/ services. Organizations
image is based on particular product/service.If the innovative product/service goes beyond
the standpoint, it leads to disruptive innovation.
For example, Microsoft is a company which manufactures Windows Os, it will not change
its platform and innovate a new product which would obsolete windows, the Microsoft's
image is based on windows indeed.
WHAT IS INVENTION?
A process which creates a new product or idea typically for the first time is said to be an
invention. For example Invention of the superior stethoscope.
WHAT IS INNOVATION
The process of transferring ideas of a person as an individual or as a group belonging to the
organizations , in order to produce goods and services to benefit its customers.
No human being wants to use same product over a period of time, there should be some
change in the usage of the product. For example: let us take an example of "Android
Os".The very first Alpha 1.0 which was released on September 23, 2008. There were many
other versions of android os's got released which would meet the needs of customers in a better way. Today we have android version named Nougat. When you have a better version
of android how will you expect customers to use the older versions?
Can you imagine using a gramophone when you have superior versions of flash cards and
other drives?
As there is the change in technology, there should be the change in the psychology of the
customer too. Along with a change in technology the customer has to adopt new needs, new
wants and new demands.
Invention and Invention are interrelated to each other. When a company creates a new
product, it is said to be invention and when additional features are added to it, it is said to be
innovation.
the paper A study on an invention of a product/service in an enterprise using S-curve has
given various traits of adopting innovations for existing products for various companies.The s-curve is the robust framework which identifies different industries at various stages.
The way IBM adopted s-curve is different from apple inc, Starbucks, and Patanjali. Though
the adoption of s-curve differs from company to company, the aim of the firm is profit
making with a well satisfactory customer and also brand building in addition.
Hence, whenever a company needs diversification or whenever the product/service gives
diminishing returns or whenever the company has to invest into new technologies the
adoption of S-curve is essential.
The courtesy and the
esteem of human beings does not lie with the wealth but it lies with showing
responsibility towards the society. The eminence of a person is known after his
demise, if he gives back something to the society. There are people out there
who do not even have a proper refuge and they desire to grow up in their
careers through proper education. Those young children out there who are from
various parts of unknown rural areas and economically backward are very
passionate about their careers and wanted to be respected in the society. How
do we serve them? When you are earning thousand bucks, why can’t you donate one
buck to satisfy the needs of those poor children. It is responsibility of each
and every individual to take care of people who are really needy. Human beings
are meant to help one and other. When they help one and other then the society
becomes enhanced.