The definition of innovation, as distinct from invention, will follow the suggestions of Schmookler  and Marquis [15, pp. 26-33]. According to this definition, an invention is an original solution resulting from the synthesis of information about a need or want and information about the technical means with which the need or want may be met. An invention must be followed by entreprenurial action before it has significance in economic terms. Thus, innovation will be defined to refer to an invention which has reached market introduction in the case of a new product, or first use in a production process, in the case of a process innovation. The key idea here, first use, does not preclude consideration of adopted ideas which are new in a particular market or application, nor does it provide a measure of the economic significance of an innovation. It simply requires that an idea has been carried far enough to begin to have an economic impact.
Marquis, Donald G.(1969) “A Project Team Plus PERT Equals Success. Or Does It?” Innovation, Vol.1, No.3 (July 1969).
Schmookler, Jacob (1966) Invention and Economic Growth, Harvard University Press, .