Current developments in fields such as quantum physics, fine arts, robotics, cognitive sciences or defense and security indicate the emergence of creative systems capable of producing new and innovative solutions through combinations of machine learning algorithms. These systems, called machine invention systems, challenge the established invention paradigm in promising the automation of – at least parts of – the innovation process. This paper’s main contribution is twofold. Based on the identified state-of-the-art examples in the above mentioned fields, key components for machine invention systems and their relations are identified, creating a conceptual model as well as proposing a working definition for machine invention systems. The differences and delimitations to other concepts in the field of machine learning and artificial intelligence, such as machine discovery systems are discussed as well. Furthermore, the paper briefly addresses the social and societal implications and limitations that come with the adoption of the technology. Because of their revolutionizing potential, there are widespread implications to consider from ethical and moral implications to policymaking and societal changes, like changes in the job structure. The discussion part approaches some of these implications, as well as solutions to some of the proposed challenges. The paper concludes by discussing some of the systemic benefits that can be accessed through machine invention.