novelty, invention & innovation

Novelty (derived from Latin word novem for "new") is the quality of being new. Although it may be said to have an objective dimension (e.g. a new style of art coming into being, such as abstract arts or impressionism) it essentially exists in the subjective perceptions of individuals.

A fake gun that shoots out a "BANG!" flag and a cigarette lighter that shoots water

An invention is a new configuration, device, or process. Some inventions are based on pre-existing models or ideas and others are radical breakthroughs. Inventions can extend the boundaries of human knowledge or experience.

Atomic Bomb Explosion

An innovation is a new way of doing something. It may refer to incremental and emergent or radical and revolutionary changes in thinking, products, processes, or organizations. Following Schumpeter (1934), contributors to the scholarly literature on innovation typically distinguish between invention, an idea made manifest, and innovation, ideas applied successfully in practice. In many fields, something new must be substantially different to be innovative, not an insignificant change, e.g., in the arts, economics, business and government policy. In economics the change must increase value, customer value, or producer value. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.

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