5.1 Invention

Question 1

What are the motivators for inventors?

Answer 1

1. Personally motivated or curious to pursue an idea
2. Desire to help others improve their lives
3. Desire to make money
4. Constructive discontent (Improving a product that people are currently discontent with)

Question 2

What is a lone inventor?

Answer 2

An individual working outside or inside an organization who is committed to the invention of a novel product

Question 3

What are the advantages of being a lone inventor?

Answer 3

1. They are able to have full control over the development of their invention (not limited by the decisions of an organization)
2. They have the freedom to develop ideas that are entirely new + different

Question 4

What are the disadvantages of being a lone inventor?

Answer 4

1. Lack of business experience
2. Difficult to push forward the idea in markets where high investment is required for success
3. Minimal support/ backing in the development of the invention

Question 5

What is IP (Intellectual Property)?

Answer 5

The legal right to intangible property such as “creations of the mind” specifically inventions and designs that are used in a commercial setting

Question 6

What are the strategies for protecting IP?

Answer 6

Patents, Trademark, Design protection, Copyright, and Servicemark

Question 7

What are patents?

Answer 7

the government provides an agreement that gives someone the right to make/sell a new invention

Question 8

What is a trademark?

Answer 8

a legally registered symbol, or word that represents a company/product

Question 9

What is design protection?

Answer 9

a simple/ cost-effective way to protect an innovative shape, appearance, or ornamentation

Question 10

What is copyright?

Answer 10

a legal right that grants the creator of an original work exclusive ownership for its use and distribution

Question 11

What is a servicemark

Answer 11

a trademark used to identify a service rather than a product

Question 12

What is first to market?

Answer 12

The first product of its type to enter the market before its competitors

Question 13

What are the advantages of being the first to the market?

Answer 13

1. Dominate a great percentage of the market share making them market leaders
2. Granted higher profits and greater customer loyalty.
3. Able to secure an IP preventing competitors from creating similar products and reaping the benefits of their invention.

Question 14

What are shelved technologies?

Answer 14

Technology that is “shelved” meaning it is created but not brought into the market or sold

Question 15

Why may technologies be shelved?

Answer 15

Cost: customers may not be able to afford it therefore sales would be low

Social: the change may be too drastic and people would be hesitant to purchase

Technology: while it may exist it is not developed enough to be made into working products

Timing: employing strategic timing to enter products into a market.