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Economic aspects of Invention: How does innovation impact business? Invention has a broad impact on businesses. It can create new products or services, improve efficiency or increase productivity, and even change how people live. In recent years, innovation has become more important than ever in business. For one, innovation can help businesses compete against other companies. Additionally, innovation can help businesses grow and continue to make profits. However, the process of invention can be difficult, and sometimes it does not come easy....