9.2c - Protecting an Innovation Flashcards
How can a business increase the likelihood of success through innovation:
- Early planning (Boston matrix, Ansoff matrix)
- Culture
- Secrecy
- Protection
Intellectual property definition
The intangible property that is the result of creativity
Patent definition
A licence protecting a new invention against competitors making or using it
Features of an invention required for a patent to be granted:
- New
- An innovative step forward
- Can be made and used (not theoretical)
How long can a patent last?
Up to 20 years
How can patents be used to raise finance?
- Selling them
- Licensing the right to use it in return for royalties
Trademark definition
Something that identifies the product in the eyes of the customer
How long do trademarks last?
10 years
Copyright definition
The protection of an original idea expressed in a piece of work
How can a business deal with the end of a patent?
- New demographic market segment
- Licensing agreements
- Original intellectual property
How do patents, trademarks and copyrights support innovation:
- Provides security
- Source of income
- Gain a USP
- Barrier to entry
