You will hear a lecture. After listening to the lecture, in 10 seconds, please speak into the microphone and retell what you have just heard from the lecture in your own words. You will have 40 seconds to give your response.
He says innovation equals invention. Let me just stop here. Innovation equals invention often people mistake these two things for the same thing. Innovation equals invention, they are not. Innovation is something that generates value for the world. It makes something faster, better, cheaper. It gives someone some great satisfaction. An invention is an idea, a technology, a patent. In and of itself, it does not generate value. So these two are not the same thing. And sometimes you see them interchange. And that’s not correct. So innovation equals invention times commercialization. So and when we look at this equation of innovation something of value, it requires a new idea and then it requires someone or some organization that is going to commercialize that idea, and to make it a value to the world.