We know it today (5) [20] 2.1 Question 2 Some inventions undergo certain steps in the process of turning them intes in commercial viable product . Discuss the seven (7) steps that Smith distinguishes in the innovation process and indicate when exploration and exploitation takes place during this process. 2.2 Pisano and Teece (2007) noted that figuring out how to capture value from innovations is not just a matter for innovators, but also an important issue for public policy. It is therefore important to know how innovative companies ensure they capture value in order to make money. Discuss three (3) factors that are involved in trying to capture value from an innovation. (12) TO