5.1 Flashcards

1
Q

invention

A

process of discovering a principle which allows a technical advance that results in a new product

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2
Q

difference between invention and innovation

A

invention – creating something new
innovation – implementing something new, improving existing inventions

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3
Q

list drivers for invention

A

personal motivation
desire to help others
constructive discontent
scientific curiosity
necessity
desire to make money

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4
Q

personal motivation

A

driven by personal interest

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5
Q

desire to help others

A

driven to help others w problems they are experiencing to improve the world around them

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6
Q

constructive discontent

A

driven by unhappiness w an existing product or “the way things are normally done”

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7
Q

scientific curiosity

A

driven by desire to know if/how/why something works

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8
Q

necessity

A

driven by human nature to find solutions to problems

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9
Q

desire to make money

A

successful inventions can make successful businesses

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10
Q

lone inventors

A

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

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11
Q

advantages of lone inventors

A

full control over development of invention

can have radical ideas

dont have to give attention to marketing/sales of product

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12
Q

disadvantages of lone inventors

A

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

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13
Q

considerations for being lone inventor

A

time commitment

resilience

risk of failure

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14
Q

intellectual property

A

legal term for intangible assets, such as inventions and designs that are used in a commercial setting. protected by law

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15
Q

benefits of intellectual property

A

differentiates business from competitors

provides revenue streams

offers customers smth new and different

new marketing/branding opportunities

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16
Q

list IP protection strategies

A

copyright (c)
trademark (tm)
service mark (sm)
patent (p)
patent pending
registered design (R)

17
Q

copyright

A

grants the creator of an original work exclusive rights to its use and distribution

18
Q

trademarks

A

a symbol or words legally registered as representing a company or product

19
Q

service mark

A

trademark used to identify a service rather than a product

20
Q

patents

A

legal document giving someone the right to make or sell a new invention for a certain number of years

21
Q

patent pending

A

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

22
Q

registered design

A

the features of shape or pattern which gives a product a unique appearance, and must be new and distinctive

23
Q

design protection/trade dress

A

simple and cost-effective way to protect an innovative shape or appearance

24
Q

first to market

A

the first product of this type to be rushed onto the market

25
Q

why might a company not apply for IP protection

A

cost

time (takes several years to obtain)

lack of awareness

some designers want to share their

designs for the greater good (eg seatbelt)

26
Q

benefits of first to market

A

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)

27
Q

risks of first to market

A

high costs (R and D etc)

customer acceptance

28
Q

shelved technologies

A

technology that is shelved for various reasons. Sometimes shelved technologies will be rediscovered or taken off the shelf

29
Q

reasons for shelved technologies

A

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