INV meaning in Business ?

An invention is a unique or novel device, method, composition or process. The invention process is a process within an overall engineering and product development process. It may be an improvement upon a machine or product or a new process for creating an object or a result. An invention that achieves a completely unique function or result may be a radical breakthrough. Such works are novel and not obvious to others skilled in the same field. An inventor may be taking a big step toward success or failure.

An inventor is a person who creates or discovers an invention. The word inventor comes from the Latin verb invenire, invent-, to find. Although inventing is closely associated with science and engineering, inventors are not necessarily engineers nor scientists.

Some inventions can be patented. The system of patents was established to encourage inventors by granting limited-term, limited monopoly on inventions determined to be sufficiently novel, non-obvious, and useful. A patent legally protects the intellectual property rights of the inventor and legally recognizes that a claimed invention is actually an invention. The rules and requirements for patenting an invention vary by country and the process of obtaining a patent is often expensive.

Another meaning of invention is cultural invention, which is an innovative set of useful social behaviours adopted by people and passed on to others. The Institute for Social Inventions collected many such ideas in magazines and books. Invention is also an important component of artistic and design creativity. Inventions often extend the boundaries of human knowledge, experience or capability.