13.3 THE LAW OF INNOVATION
Just as we defined invention with mathematical expressions (laws) in Chapter , the following equation, the law of innovation, expresses the essentials for innovation:
where I is innovation, C is conception, and E is entrepreneurship, which embraces the product champion plus the above mentioned factors.
Figure 13.1 Money buys research and generates knowledge; knowledge leads to innovation, which leads to money.
By definition, there are no unsuccessful innovations (only more or less successful innovations) but there are many economically worthless inventions. To put it succinctly: Research transforms money into knowledge, while innovation transforms knowledge into money (Figure 13.1):
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