INNOVATION AND

COMMERCIALIZATION

Lecture 1
Ms. Zunaira Raza
zunaira.raza@csps.edu.pk
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INVENTION Invention refers to the

occurrence of an idea for a
product or process that has
never been made before.

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INNOVATION The process of translating an

idea or invention into a good or
service that creates value or for
which customers will pay.

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COMMERCIALIZATION Commercialization is the

process of introducing new
products or services to the
general market.

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 D I F F E R E N C E B / W I N V E N T I O N A N D I N N O VAT I O N

Basis For Comparison INVENTION INNOVATION

Invention refers to the occurrence of an idea for
Innovation implies the implementation of idea
MEANING a product or process that has never been made
for product or process for the very first time.
before.

WHAT IS IT? Creation of new product. Adding value to something already existing.

Concept An original idea and its working in theory. Practical implementation of new idea.

Skills Required Scientific Skills Set of marketing, technical and strategic skills.

A need is felt for a product or improvement in

Occurs When? New idea strikes a scientist.
existing product

Concerned with Single product or process. Combination of various products and process.

Activities Limited to R & D department. Spread across the organisation.

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• P1 Explain innovation and determine its importance to
your selected organization in comparison with invention.

• In the above mention criteria learner needs to explain the innovation,

invention and commercialization considering the challenges it creates for
your selected organization.

ORGANIZATION:
• Amazon
• Netflix
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