BASIS FOR COMPARISON INVENTION INNOVATION
Meaning

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

Innovation         implies the implementation of idea for product or process for the very first time.

What is it?

Creation of a 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.
Occurs when New an idea strikes a scientist.  A need is felt for a product or improvement in an existing product. 
Concerned with Single product or process.

Combination of various products and process.
Activities Limited to R & D department.  Spread across the organization.