What is the process of turning ideas into solutions that create value called?

The process of turning ideas into solutions that create value is known as innovation. Innovation encompasses the steps involved in transforming creative thoughts into practical products or services that address specific needs in the market. This process often involves not just the initial idea generation, but also refining those ideas, developing prototypes, and bringing a viable solution to market that offers value to customers.

Innovation is critical for startups as it allows them to differentiate themselves from competitors, respond to market demands, and create new opportunities for growth. It highlights the importance of not only coming up with new ideas but also implementing them effectively to deliver real-world benefits. This includes assessing market needs, gathering feedback, and iterating on the solution to ensure that it meets customer expectations and solves a problem effectively.

In contrast, while invention refers specifically to creating something entirely new or original, and development focuses on the process of designing and improving products, innovation encompasses a broader scope that includes turning those inventions and developments into solutions that have tangible value in the marketplace.