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