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Creativity and Innovation are two different terms and they technically have different meanings. Creativity means originality, imagination and inventiveness that are brought out through resourcefulness. Innovation, on the other hand refers to modernization and improvement over an existing idea. In this way, it is true that creativity and innovation are two different terms and cannot be used interchangeably. Yet, they have been used interchangeably in several areas or walks of life, including business and management as well as technology. In this way the main distinction between creativity and innovation, being the originality has been ignored and as the line between creativity and innovation is thin, it becomes even more difficult to distinguish between these terminologies. Another important thing required is that there is a managerial transition as well as a cognitive transition. This helps the firm develop and also be open to new ideas. As there is more and more learning in the organization, automatically there would be a chance for a break through innovation (Davil, T., Epstein, M. J., and Shelton, 2006). This increased probability of new product development leads to higher success rates of the company and at the same time leads to development of competencies, provides a higher competitive advantage and also helps handle competition in a better way. Implementing all of these in my organization would definitely bring in better revenues and help my organization propel ahead of competitors. Innovation is an important aspect of growth and development of individuals, organizations, cultures and societies. Innovation and creativity refer to bringing in new ideas to life. Innovation can be achieved strategically through a process of creativity. This helps bring in a lot many new ideas in the firm and also develop a platform for breakthrough innovations. It helps a firm be open to new ideas and develops the learning process in an organization. It can help a firm build upon its competencies as well as grow and earn favorable environment for progressing. It also can help a firm take advantage of the information it has and opt for a lot many new product developments (Amabile, 1996). Yet, there are several differences between innovation and creativity. Creativity involves the usage of originality whereas innovation is more about using already existing innovations for the purpose of improving upon it and using it for either a better usage or for commercialization purposes. The author in his paper, "Strategies of effective New Product Team leaders" talks about a research that they conducted on development of new products with the objective of understanding the new product development (NPD) process of high technology firms. The article explains that new product development cannot happen without active participation from team members and also requires cross functional teams (Rogers, E.M, 2003).
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