Innovation in the US – as per Sridhar Kota, UMichigan

The term “innovation” denotes a process whereby a promising idea or an emerging technology is transformed into a practical solution — a marketable product, process or business model — at a scale sufficient to meet some societal need. Technological innovation is distinctly different from both scientific discovery and engineering invention. A critical step that follows a discovery or an invention, the translational step, is the key that enables product realization and wealth creation. A successful inno-vation process reduces technical and market risks and enables scale-up to manufacturing