The difference between Research and Innovation is Research is turning
money into knowledge whilst Innovation is turning knowledge into
money. To make money from knowledge, that is to innovate, the
innovator needs to (i) develop the idea into a product (or a service or process)
(ii) make sure it has a commercial use and (iii) monetize it. This third
step usually requires a lead to exploit, which is why protecting Intellectual
Property is often essential for innovators.
money into knowledge whilst Innovation is turning knowledge into
money. To make money from knowledge, that is to innovate, the
innovator needs to (i) develop the idea into a product (or a service or process)
(ii) make sure it has a commercial use and (iii) monetize it. This third
step usually requires a lead to exploit, which is why protecting Intellectual
Property is often essential for innovators.
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