GENERAL KNOWLEDGE

Detailed explanation-1: -Invention is the creation of new products or processes. These can be completely novel and untried or may be derived from previous products, but with sufficient new features or technical attributes, that a firm can patent the design or copyright ideas included in the development.

Detailed explanation-2: -Invention is the physical creation of a new concept or idea. Also, from Nesta’s innovation policy tookit, it is defined as The creation of an idea to do or make something without verification that it works, or is commercially valuable.

Detailed explanation-3: -1. Invention is the generation of a new idea aimed at solving a specific technical problem. Innovation can be seen as a process of interaction and feedback during the various stages of product development. Not all inventions are commercialized, so it is clear that not all inventions result in innovation.

Detailed explanation-4: -Invention refers to the creation of a brand new product or device. Conversely, innovation is an act of making changes to the existing product or the process by introducing new ways or ideas.

Detailed explanation-5: -Product development–also called new product management–is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services. Product development includes a product’s entire journey–from the initial idea to after its market release.