3.9.2 Flashcards
What is intellectual property?
The legal way to protect creations, encouraging innovation by safeguarding ideas.
Intellectual property includes various forms of protection such as trademarks, copyrights, patents, and design rights.
Define trademarks.
The sign of origin of a product or service, including sounds, colors, or brands.
Trademarks help consumers identify the source of goods or services.
How is a trademark formally registered?
Through online payment for registration, denoted by the symbol R.
Proper registration helps in legally protecting the trademark.
What is copyright?
An automatic right protecting individual works such as books, films, and art, lasting for 70 years.
Copyright protects the expression of the creation rather than the idea itself.
What does copyright protect?
Books, films, music, and plays to protect the creator or owner.
Examples include Ed Sheeran’s copyright trial over ‘Thinking Out Loud’.
What is a patent?
An exclusive right to use a design process or produce a product for a fixed period of up to 20 years.
Patents protect new inventions that involve an inventive step.
How can one identify a patent?
By a number applied to the idea indicating that the product has a patent.
This number is used to demonstrate ownership and protection of the invention.
Give an example of a patent.
Galaxy watch with a built-in projector appears in new Samsung patent.
This illustrates how patents can protect innovative technology.
True or False: Just because a patent is used by one brand, another firm cannot ask permission to use it.
False.
Firms can negotiate permission to use a patent, often involving royalty fees.
List the functional areas of a business affected by an innovation strategy.
- Finance
- HR
- Marketing
- Operations
Each area has specific roles in supporting innovation, such as funding and fostering a culture of creativity.
How does finance relate to innovation strategy?
Money will need to be made available for R&D.
Sufficient funding is crucial for developing new ideas and technologies.
What role does HR play in innovation strategy?
Management and rewards must encourage employees to share ideas, fostering a culture of trial and experimentation.
HR practices can significantly impact the innovation climate within a company.
How can marketing stimulate innovation?
By conducting research that identifies new opportunities for innovation.
Marketing insights can lead to new product ideas or improvements.
What is required from operations in relation to innovation?
Project management and possibly new skills and techniques to develop ideas.
Operations are critical for implementing and managing innovative projects effectively.
What is a design right?
A form of intellectual property that protects what a product looks like such as the appearance or colour.
