3.9.2 assessing innovation

Question 1

what is innovation?

Answer 1

occurs when a new idea is brought to fruition and turned into a good or service that can be sold

Question 2

what is intrapreneurship?

Answer 2

occurs when individuals within the organisation are taking risks and generating new ideas.

Question 3

what is intellectual property?

Answer 3

the legal protection businesses and individuals get for their ideas, inventions or trademarks to prevent others from imitating them.

Question 4

what is kaizen?

Answer 4

refers to the process of continuous improvement

Question 5

what is benchmarking?

Answer 5

occurs when the business tries to match the approach and success of a particular process that is used by another organisation

Question 6

what are patents?

Answer 6

they protect products, processes or designs and need to be registered.
usually last up to 20 years.`

Question 7

what is copyright?

Answer 7

the protection of films, text, music and plays.
protection is gained through an automatic right.
lasts up to 70 years after creator’s death.

Question 8

what is research and development?

Answer 8

the process by which businesses can develop and improve new products and processes.