Innovation versus Entrepreneurship
We often conflate innovation and entrepreneurship, but while they are related, they differ in several key elements. My definitions are straightforward:
- Innovation is developing something new and better, with the potential to drive significant value for customers, partners and your organization. Innovations include concepts, processes, products and services.
- Entrepreneurship is all about putting innovation to work. It is taking those insights and making them real by assembling resources, building products and generating revenues.
Innovation and entrepreneurship go hand in hand. First, we develop innovative insights, then we deploy our entrepreneurial skills to create maximum impact and generate value.
This excerpt was taken from “The Entrepreneurial Mindset” by Mark Coopersmith.
Originally published in Strive Magazine, January 2019.