Monday, October 12, 2009

invention vs innovation: a 10X difference

The difference between invention (discovery) and innovation (commercial application) was highlighted last week when Charles K. Kao was awarded the 2009 Nobel prize in physics ""for groundbreaking achievements concerning the transmission of light in fibers for optical communication". Kao's work lies at the foundations of today's telecommunications technology. His share of the Nobel Prize money is about $700K. For comparison, John T. Chambers, the Chairman and CEO of Cisco, a networking and communications gear company, gets about $10M a year in salary, stock, and bonuses. Both of them are at the top of their profession, and the contrast between the rewards the society affords these two brilliant men indicates the relative value created at different stages of the innovation process.

tags: 10x, invention, innovation, greatest, economy, process, scale, niche construction

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