Topic 5 Flashcards
define invention
the process of discovering a principle which allows a technical advance in a particular field that results in a new product
define innovation
the commercialization and marketing of the invention to impact society
drivers for invention
- a personal motivation
- scientific/technical curiosity
- constructive discontent with an existing invention/design
- desire to make money
- desire to help others
- necessity (need for it)
what is intellectual property (IP)
a legal term for intangiable property (creations of the mind) –> makes the property protected by law
benefits of IP
- allowing sale or licensing
- differentiating a business from competitors
- marketing/branding
- establishing a valuable asset that can be used as security for loans
IP strategies
COPYRIGHT ==> protects the original work and idea
- protects up to 70 years after owner dies
- doesn’t need to be registered (automatic)
TRADEMARK ==> protects the idea in its graphically expressed state (e.g. logos, symbols)
- protects up to 2-3 years without register (TM) but needs registration to use (R) symbol and that is renewed every 10 years (10-25)
DESIGN RIGHT ==> protects the shape of the design/product (the look)
- needs registering
PATENT ==> protects the function, method, or working of things (e.g. folding of milk cartons)
- gives the right to make or sell creation
- needs registering
PATENT PENDING –> indication the owner has applied for a patent but hasn’t been processed yet (gives a level of protection by warning others the inventor is claiming rights)
how inventions become innovations
- marketability –> high product demand
- financial support –> there is monetary backing from the organization or an outsider
- marketing –> good advertising, shipping, storing, selling (needs to be advertised as a product the public wants
- necessity –> is there a need for this product? - e.g. there’s a need for alternative energy resources
- price –> affordable, cost-effective, or value for money
- open to change –> if people and organizations are resistant to change, feeling comfort and security in the familiar, they will resist the new product
sustaining innovation
innovative ideas that are constantly updated to maintain their success
- a new or improved product that meets customer needs and sustains manufacturers
disruptive innovation
a product or type of technology that challenges existing companies to ignore or embrace technological change
- e.g. the iPod which changed the way we managed and listened to music or mobile phones which allowed us to no longer be restricted to landlines
process innovation
an improvement in the organization or method of manufacture that often leads to reduced cost or benefits to customers
architectural innovation
the technology of the components stays the same but the configuration of the components is changed to produce a new design
modular innovation
the basic configuration stays the same but one or more key components are changed –> incremental design
- e.g. a new type of switch/button on a toaster
configurational innovation
modifying the arrangements of components to improve performance, usability, and function
- e.g. better heating elements, 4 slots instead of 2 for a toaster
radical innovation
changing the paradigm of the market that the product is produced in (e.g. smartphones changed the phone industry
- radical innovations have the risk of not being accepted into the marketplace or be successful
diffusion and suppression - roger’s characteristics
Diffusion: a process where a market will accept a new idea or product
Factors affecting the acceptance rate:
- innovation: whether it’s perceived as a better product
- compatibility –> consistent with existing values, past experiences, and needs
- complexity –> is it too difficult to use and understand?
- trialability –> trying before buying gives reassurance
- observability –> if the benefits of the idea or product are easily observable
Suppression: process where a new idea or adoption of a product by the market is actively slowed
- may be due to difficulties competing w/ a dominant design, competing companies petitioning against a new product it perceives threatening, natural resistance to unfamiliar concept
