Core 5 Flashcards
What are the drivers for invention??
Assisting people and improving life of others.
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Constructive discontent not being happy with existing products.
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For economic gain.
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Inquisitive scientific or technical thinking.
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Necessity for development.
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Chance.
What is a lone inventor? What are its advantages and disadvantages?
This idea is argued to be a myth with the likes of Tesla and Alexander Graham Bell who relied on the work of others for their own inventions
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Advantages
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Complete control over development of their own work.
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Disadvantages
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Difficulty working with others wanting to take design in a different direction
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Mix of expertise, ideas and problem solving techniques can be very beneficial.
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Majority of products today are very complex, national corporations make use of research and development teams that do the work no one person can.
What is intellectual property? What strategies are used to protect it?
Creations of the mind including inventions; literary and artistic works; designs; symbols, names and images used in commerce.
Patents
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Protect inventions, giving exclusive rights to produce, use, or sell their NEW invention for typically 20 years from the filing date.
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An inventor applies for a patent with a detailed description of the invention and its uniqueness. It allows the patent holder to exclude others from making, using, or selling the invention without permission.
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Protection is national; inventors apply separately in each region where they want protection.
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Copyright
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Protects original works of authorship, including literary, musical, and artistic works.
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Covers the expression of ideas (like the specific text in a book or the lyrics of a song) rather than idea.
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Protection is automatic and fixed in a tangible form (e.g., a written manuscript or recorded song), registering with a copyright office provides additional legal benefits.
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Lasts for authors life plus 70 years in most offices; Corporate authors typically receive 95 years
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Doesn’t protect facts, ideas, or methods of operation, allowing others to create similar works.
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Trademarks
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Protect symbols, names, logos, sounds, or colours associated with a brand, helping to distinguish brand.
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A business applies with a trademark office to show that the symbol is associated with its goods. Allows the owner to prevent others from using similar marks.
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Can last indefinitely as long as mark remains in use and is periodically renewed, often every 10 years.
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Protection is typically national.
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Service marks
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Similar to trademarks but specifically protect branding elements used to identify services.
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A cleaning company’s logo used in marketing its services would be protected by a service mark.
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Registration similar to that of a trademark, difference being it applies to services.
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Can be renewed indefinitely as long as the service mark is in active use.
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Registered Trademarks (®)
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The ® symbol signifies that a trademark is registered with a government’s trademark office.
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Offer stronger legal protection than unregistered trademarks and serve as a warning against infringement.
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Allows the owner to take action against infringers in court.
Discuss the idea of being first to market.
First movers can capture market attention and establish brand recognition
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Allows a company to establish a technological lead and build intellectual property
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Opportunity to capture market share before competitors respond.
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Often charge premium prices if the product addresses a unique need or has unmatched functionality.
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Later movers can analyse the first mover’s product and identify areas for improvement
What are shelved technologies? Why might they be shelved?
Innovations developed but set aside—typically waiting for a time when conditions improve, like cost reductions or consumer demand increases.
Reasons
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High costs, market readiness, regulatory barriers, uncertain profitability.
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E.g. electric cars due to cost and low demand.
What is the difference between invention and innovation?
Innovation, on the other hand, is the practical application or improvement of existing inventions or ideas to add value or solve real-world problems. It often involves refining, modifying, or combining inventions to create useful and marketable solutions.
Why do so few inventions become innovations?
Magnitude of users needs
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Expectations of profitability
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Degree of positivity of market perception
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Amount of intellectual property protection afforded
What are the categories of innovation?
New iPhone models are sustaining innovations, adding better cameras or faster processors to keep customers satisfied and loyal.
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Disruptive innovation introduces simpler, more affordable, or more accessible products that often start by targeting an underserved market segment. Over time, they improve enough to meet the needs of mainstream customers, eventually overtaking established products.
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Netflix’s streaming model disrupted traditional DVD rentals and cable TV by offering a more convenient, affordable way to access media.
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Process innovation focuses on improving the way products or services are created and delivered, enhancing efficiency, cost-effectiveness, or quality in production or operational processes.
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Automation of assembly lines in manufacturing (such as using robotic arms for precision work) is a process innovation that reduces labour costs and speeds up production.
What innovation strategies are the for design?
Desktop computers to laptops. The core components are largely the same, but they’re arranged differently to create a portable device.
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Configurational Innovation: Rearranges design for practical improvements in usability or efficiency.
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New model of car with more user-friendly dashboard controls and improved layout for passengers and cargo space. The overall function remains the same, but the arrangement is optimized.
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Radical Innovation: Introduces entirely new products or technologies, often disruptive and transformative.
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The internet is a radical innovation, as it created a completely new way for people to communicate, work, and access information.
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Modular Innovation: Upgrades specific components while maintaining the overall system, enhancing performance incrementally.
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Upgrading the camera in a smartphone is a modular innovation. The improved component enhances the product, but the smartphone’s general design and operation remain intact.
Innovation strategies for market introduction and management.
Diffusion
The process of spreading an innovation throughout a market, aiming to achieve widespread adoption among consumers or organizations.
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The diffusion of smartphones relied on showcasing their multifunctionality (calls, internet, apps), while early adopters and influencers popularized their use, encouraging a widespread market shift.
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Suppression
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Aims to slow down or limit the adoption of an innovation, typically when it conflicts with existing products, technologies, or regulatory policies, or when it disrupts established business models.
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Used by industry incumbents or regulatory bodies to protect current investments or mitigate perceived risks.
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Music industry initially suppressed digital file-sharing platforms by enforcing copyright laws and emphasizing the risks of piracy, ultimately reshaping the market with regulated alternatives like legal streaming services.
What strategies are there for inovation?
- # AnalogyDefinition: This strategy involves drawing parallels from existing solutions in different domains to inspire new ideas.
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Example: Designing a new transportation system based on how birds navigate can lead to innovations in flight technology.
===== - # AdaptationDefinition: Adapting existing products or technologies to new contexts or markets.
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Example: Taking a successful product in one market and modifying it to meet the needs of a different culture or environment.
===== - # Act of InsightDefinition: This strategy relies on sudden, intuitive realizations or creative bursts that lead to innovative ideas.
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Example: A scientist suddenly realizes a novel application of a known chemical compound during a casual discussion.
===== - # ChanceDefinition: Innovations that occur serendipitously, often as unintended outcomes during experiments or processes.
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Example: The discovery of penicillin happened when Alexander Fleming noticed mold inhibiting bacteria by accident.
===== - # Technology TransferDefinition: Moving technology from one application or industry to another, enabling new uses or improvements.
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Example: Adapting technology from aerospace to create lightweight materials for sports equipment.
===== - # Market PullDefinition: Innovation driven by market demands and customer needs, focusing on solving specific problems.
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Example: A company developing a new app in response to consumer requests for better health tracking features.
===== - # Technology PushDefinition: Innovation that occurs when new technologies lead to the creation of new products or services, regardless of current market demand.
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Example: The development of new battery technologies that enable electric cars, even before significant consumer demand exists.
What stakeholders play a role in invention and innovation? Can these roles mix?
Inventors are crucial for initiating the innovation process, providing the foundational ideas that can lead to successful products.
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A product champion is an advocate within an organization who promotes and drives the development of a specific product or innovation.
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Product champions help turn an inventor’s ideas into viable products by aligning teams and resources, facilitating communication, and overcoming resistance.
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An entrepreneur is an individual who identifies market opportunities and takes risks to create and manage a new business venture, often based on innovative ideas or products.
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Entrepreneurs play a crucial role in bringing inventions and innovations to market, transforming ideas into businesses and creating economic impact.
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Inventor as Product Champion and as a entrepreneur.
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Not only create the innovation but also actively advocate for its development and market introduction within an organization.
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Actively seek to commercialize their inventions by creating a business or start-up around them.
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Deep Knowledge: Inventors possess in-depth technical knowledge about their creations
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Vision and Passion: Their passion for their invention can drive enthusiasm and motivation within teams or the market
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Agility: Inventors often can pivot quickly in response to feedback
What is a multidisciplinary approach to innovation? What are the advantages and disadvantages of it?
Integrating knowledge, skills, and perspectives from various disciplines or fields to develop new ideas, products, or solutions. This collaborative method encourages teams to draw on diverse expertise to address complex problems and foster creativity.
Advantages
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Enhanced creativity. broader problem solving, increased flexibility, market relevance, skill development.
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Disadvantages
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Communication barriers, conflict potential, longer decision-making process, integration challenges, resource intensive.
What are the key stages of a products life cycle?
No sales yet, rather concepting, prototyping, market research and idea generation.
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Introduction is when the product is launched into the market, and initial sales begin.
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Sales are low as marketing and promotion start while distribution and pricing strategies are being established.
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In growth, the product gains acceptance in the market, leading to increased sales and revenue.
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Production increases with sales as market expands and features are enhanced with feedback. Competition may start arising.
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With maturity sales growth begins to slow down as the product reaches peak market penetration.
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Operations are optimized to maintain profit margins, product is differentiated, and loyalty programs are established with a now saturated market.
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Decline
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Sales and profit begin to decrease as market interest wanes due to preferences, tech, or competition.
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Cast is managed to maintain profit, product may be discontinued. Potential brand damage and deciding on future of product.
What is obsolescence and what forms of it may a product take up?
When product becomes outdated or less desirable due to changes in preferences, technology, or design, leading to decreased demand.
Planned Obsolescence: Intentionally limiting product lifespan to drive repeat purchases.
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Style Obsolescence: Products becoming outdated due to changing trends, regardless of functionality.
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Functional Obsolescence: Products becoming less effective compared to newer alternatives.
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Technological Obsolescence: Advancements in technology rendering older products irrelevant.