Matt Ridley: invention vs innovation

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Innovation is different from invention. Invention means coming up with a new thing; innovation means making that new thing available, affordable and reliable in such a way that people actually go out and use it.

The difference is nicely encapsulated in a cartoon of a beaver and a rabbit looking at the Hoover Dam… and the beaver is saying “No, I didn’t build it, but it is based on an idea of mine.”

That… is the difference between inventing something and innovating something.

Matt RidleyAcademy of Ideas Podcast, 7 July 2020

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