5.1 Flashcards
What are the motivators for inventors? 4
Personally motivated or curious to pursue an idea
Desire to help others improve their lives
Desire to make money
Constructive discontent (Improving a product that people are currently discontent with)
What are the advantages of being a lone inventor?
1.They are able to have full control over the development of their invention (not limited by the decisions of an organization)
2.They have the freedom to develop ideas that are entirely new + different
What is a lone inventor?
An individual working outside or inside an organization who is committed to the invention of a novel product
What are the strategies for protecting IP?
Patents, Trademark, Design protection, Copyright, and Servicemark
What is IP (Intellectual Property)?
The legal right to intangible property such as “creations of the mind” specifically inventions and designs that are used in a commercial setting
What are the disadvantages of being a lone inventor? 3
1.Lack of business experience
2.Difficult to push forward the idea in markets where high investment is required for success
3.Minimal support/ backing in the development of the invention
What is first to market?
The first product of its type to enter the market before its competitors
What are patents?
the government provides an agreement that gives someone the right to make/sell a new invention
What is copyright?
a legal right that grants the creator of an original work exclusive ownership for its use and distribution
What are shelved technologies?
Technology that is “shelved” meaning it is created but not brought into the market or sold
What is a trademark?
a legally registered symbol, or word that represents a company/product
What is design protection?
a simple/ cost-effective way to protect an innovative shape, appearance, or ornamentation
What is a servicemark
a trademark used to identify a service rather than a product
What are the advantages of being the first to the market?
1.Dominate a great percentage of the market share making them market leaders
2.Granted higher profits and greater customer loyalty.
- Able to secure an IP preventing competitors from creating similar products and reaping the benefits of their invention.
Why may technologies be shelved? 4
Cost: customers may not be able to afford it therefore sales would be low
Social: the change may be too drastic and people would be hesitant to purchase
Technology: while it may exist it is not developed enough to be made into working products
Timing: employing strategic timing to enter products into a market.
