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Innovation and invention are closely related concepts, but they differ in their meaning, purpose and role in entrepreneurship. Invention refers to the creation of a completely new product, process, method or technology that did not previously exist. It is generally the result of scientific research, experimentation and technical knowledge. For example, the invention of the telephone introduced a new technology for communication. In contrast, innovation involves applying new or improved ideas in a practical and commercially valuable manner. An innovation may involve creating a new product, improving an _______ _______ _________ __________ ____ ________ _______.
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