9.2c Protecting an Innovation Flashcards
1
Q
A business is more likely to see success through innovation by:
A
- Early planning (Boston/Ansoff Matrix)
- Secrecy
- Protection
2
Q
Intellectual property definition
A
The intangible property that is the result of creativity
3
Q
What is the problem with IP?
A
It is easy to steal
4
Q
What do patents do?
A
- Protect new inventions
- Prevents others from making or selling
5
Q
In order for a patent to be granted, the invention must be:
A
- New
- Innovative step forward
- Can be made and used (not theoretical)
6
Q
How long can a patent last?
A
Up to 20 years
7
Q
How can a patent owner make profit off of the patent?
A
- Licence the right to use it for royalties
- Sell them on
8
Q
Trademark definition
A
Something that identifies a product in the eyes of the customer
9
Q
What does copyright do?
A
Protects an original idea expressed in a piece of work e.g. a book
10
Q
How long do trademarks last?
A
10 years
11
Q
Ways to deal with the end of a patent:
A
- New demographic market segment
- Licencing agreements (collaborations)
- Original IP
12
Q
How patents, trademarks and copyrights facilitate innovation:
A
- Security
- Source of income
- USP
- Barrier to entry
