Necessity, goes the adage, is the mother of invention. Alas, mere invention is not good enough these days. Far more important is converting inventions into innovations: namely, products and services that improve consumers' lives and firms' performance. Just ask Steve Jobs and all those who rush to buy every new fruit which falls from the Apple tree. How then can entrepreneurs and firms improve their ability to convert inventions into innovations? Professor Jaideep Prabhu gives his views.