Which of the following statements is true about invention?
A)It essentially enables firms to deliver value in new ways.
B)It refers to the use of a novel idea or method.
C)It is the creation of a unique or novel concept, method or process that is often turned into a tangible outcome such as a new product.
D)It is the conversion of a novel concept into a product, process, or business model that generates revenues and profits.

Question

Quizplus · Accepted Answer

Invention refers to the creation of a unique or novel concept, method, or process that is often turned into a tangible outcome such as a new product. Option A is incorrect because innovation, not invention, enables firms to deliver value in new ways. Option B is incorrect because a novel idea or method may not necessarily result in the creation of a tangible outcome. Option D is incorrect because it describes commercialization, which is the process of bringing an invention to the marketplace and generating revenues and profits.

Which of the Following Statements Is True About Invention