Invention And Innovation

Question 1

what is invention

Answer 1

Formulation of new ideas for products or processes

Question 2

what is innovation

Answer 2

Practical application of new inventions into marketable products or services

Question 3

give two types of innovation

Answer 3

Product innovation:
Launching new or improved products (or services) on to the market
Process innovation:
finding better or more efficient ways of producing existing products

Question 4

give 4 benefits of innovation

Answer 4

Improved productivity & reduced costs
Building a brand
Establishing an advantage over competitors
Higher sales and profits

Question 5

what are the requirements for patenting an invention

Answer 5

New
An innovative step (i.e. not obvious to other people with knowledge of the subject)
Capable of industrial application (i.e. it can be made and used!)
Not be excluded (certain inventions don’t count - e.g. scientific theories, artistic creations)