Novelty

Novelty is the quality of being new. Although it may be said to have an objective dimension (e.g. a new style of art coming into being, such as abstract art or impressionism) it essentially exists in the subjective perceptions of individuals.
It also refers to something novel; that which is striking, original or unusual.
Sources from Wikipedia
Innovation

In technology, an improvement to something already existing. Distinguishing an element of novelty in an invention remains a concern of patent law. The Renaissance was a period of unusual innovation: Leonardo da Vinci produced ingenious designs for submarines, airplanes, and helicopters and drawings of elaborate trains of gears and of the patterns of flow in liquids. Technology provided science with instruments that greatly enhanced its powers, such as Galileo's telescope.

New sciences have also contributed to technology, as in the theoretical preparation for the invention of the steam engine. In the 20th century, innovations in semiconductor technology increased the performance and decreased the cost of electronic materials and devices by a factor of a million, an achievement unparalleled in the history of any technology.

Sources from Britannica Concise Encyclopedia
Invention

Inventions may be old ideas or techniques applied in new ways: they are very often combinations of old, and even highly familiar, ideas. To some degree almost all human behaviour is inventive, for it is seldom strictly repetitive and is aimed at contingencies which, though small and trivial, nevertheless require invention even if of a humble kind. The outstanding inventions, such as the phonograph of Thomas Alva Edison, represent the extension of abilities to some degree possessed by us all. Edison had remarkable perseverance towards imaginative goals; indeed he described invention as '99 per cent perspiration and 1 per cent inspiration'.

The motivations, methods, and travails of inventors are described with case histories in The Sources of Invention, by J. Jewkes, D. Sawers, and R. Stillerman (1958). Most important is realizing what is needed; most difficult is attracting support for development.
(Published 1987) — Richard L. Gregory

Sources from The Oxford Companion to the Mind
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