5.1 Flashcards
invention
process of discovering a principle which allows a technical advance that results in a new product
difference between invention and innovation
invention – creating something new
innovation – implementing something new, improving existing inventions
list drivers for invention
personal motivation
desire to help others
constructive discontent
scientific curiosity
necessity
desire to make money
personal motivation
driven by personal interest
desire to help others
driven to help others w problems they are experiencing to improve the world around them
constructive discontent
driven by unhappiness w an existing product or “the way things are normally done”
scientific curiosity
driven by desire to know if/how/why something works
necessity
driven by human nature to find solutions to problems
desire to make money
successful inventions can make successful businesses
lone inventors
an individual working outside/inside organisation who is committed to invention of a novel product and often becomes isolated bcs they are engrossed w ideas that imply change and are resisted by others
advantages of lone inventors
full control over development of invention
can have radical ideas
dont have to give attention to marketing/sales of product
disadvantages of lone inventors
may find it difficult to continue working on designs as large investments may be needed
you can be isolated w little backing
may find it difficult to take invention to market
considerations for being lone inventor
time commitment
resilience
risk of failure
intellectual property
legal term for intangible assets, such as inventions and designs that are used in a commercial setting. protected by law
benefits of intellectual property
differentiates business from competitors
provides revenue streams
offers customers smth new and different
new marketing/branding opportunities
list IP protection strategies
copyright (c)
trademark (tm)
service mark (sm)
patent (p)
patent pending
registered design (R)
copyright
grants the creator of an original work exclusive rights to its use and distribution
trademarks
a symbol or words legally registered as representing a company or product
service mark
trademark used to identify a service rather than a product
patents
legal document giving someone the right to make or sell a new invention for a certain number of years
patent pending
application for a patent has been applied for but has not yet been processed, warns those copying invention that they may be liable for damages
registered design
the features of shape or pattern which gives a product a unique appearance, and must be new and distinctive
design protection/trade dress
simple and cost-effective way to protect an innovative shape or appearance
first to market
the first product of this type to be rushed onto the market
why might a company not apply for IP protection
cost
time (takes several years to obtain)
lack of awareness
some designers want to share their
designs for the greater good (eg seatbelt)
benefits of first to market
leading the competition
increased profit
secure brand loyalty (the product becomes the dominant design and customer loyalty can be established before others enter the market)
risks of first to market
high costs (R and D etc)
customer acceptance
shelved technologies
technology that is shelved for various reasons. Sometimes shelved technologies will be rediscovered or taken off the shelf
reasons for shelved technologies
social – market is not ready for something new
technology – concept has been worked out, but the technology is not viable yet
timing – products have to be released in a strategic manner in order to help social, technological and cost issues
cost effective – if product is too expensive, it is unlikely to be adopted by consumers
