Definitions for discovery, invention and innovation are:
a. Discovery: A new increment to knowledge.
b. Invention: A new device or process.
c. Innovation: A better way of doing things. Innovations can occur in all goal directed behavior such as profit maximization, reelection politics and personal lifestyles.
It is important to distinguish between an invention and an innovation. Spreadsheet software is an invention. A new business application of spreadsheets which increases profits in as innovation. An example of innovation in government is submitting tax returns to the IRS by E-mail instead of regular mail. An example of an innovation in personal lifestyles is telecommuting by professionals from Telluride, CO.