Short answers, pulled from the story.
ISO 56000:2020, developed by ISO TC 279, defines innovation as a new or changed entity that realizes or redistributes value. The standard is one of around 40 to 60 definitions found in scientific literature, but most share a focus on newness, improvement, and the spread of ideas or technologies.
Innovation is more apt to involve the practical implementation of an invention to make a meaningful impact in a market or society, whereas an invention is the creation of a new ability or product alone. Not all innovations require a new invention.
Joseph Schumpeter, the economist who lived from 1883 to 1950, coined the phrase creative destruction to describe the economic effects of innovation. He argued that industries must incessantly revolutionize their economic structures from within through better processes, products, and market distribution.
Sustaining innovation improves a product or service based on the known needs of existing customers, such as faster microprocessors or flat screen televisions. Disruptive innovation creates an entirely new market, such as the transistor radio, and eventually displaces established competitors.
Diffusion of innovation research was first started in 1903 by Gabriel Tarde, who first plotted the S-shaped diffusion curve. Tarde described the innovation-decision process as five steps: knowledge, attitude formation, a decision to adopt or reject, implementation, and confirmation.
In 1957, eight dissatisfied employees of Shockley Semiconductor, founded by Nobel laureate William Shockley, left to form Fairchild Semiconductor. Over the following 20 years, their departures and those of their own employees produced 65 new enterprises, forming the foundation of Silicon Valley.