Invention

Invention is different to innovation. Invention is the process of creating something entirely new, whether it’s a groundbreaking product, a revolutionary technology or a novel method or process. It’s about coming up with fresh ideas and turning them into reality through research. Innovation takes invention a step further by finding ways to make it better, faster, cheaper or more useful. A strategy of invention can be considered an intangible asset because it represents a company’s ability to generate new ideas, technologies, or solutions that have the potential to create value and drive growth. Inventions often result in the creation of valuable intellectual property, such as patents, trademarks or copyrights, which are intangible assets that can be protected and leveraged. One real-world example of a company that found success with inventions is Apple. From the groundbreaking iPhone to the iPad and Macintosh computer, Apple has consistently invented (and innovated) many pieces of technology that are eventually adopted by the wider sector.