What social innovation and development can do for a university

Abstract

Invention and innovation are two different concepts. In thecase of an invention, an investment of resources financial or otherwise is made, with the outcome being new knowledge. Innovation, on the other hand, is the outcome of utilising the new knowledge that is the outcome of the invention process to address a market or societal need and thereby results in value creation, which may be monetary or other. As articulated in the Organisation for Economic Co-operation and Development (OECD) Report 2010, “Innovation is about creating value from knowledge ... Knowledge is the key input to innovation.”