5.1

Question 1

invention

Answer 1

process of discovering a principle which allows a technical advance that results in a new product

Question 2

difference between invention and innovation

Answer 2

invention – creating something new
innovation – implementing something new, improving existing inventions

Question 3

list drivers for invention

Answer 3

personal motivation
desire to help others
constructive discontent
scientific curiosity
necessity
desire to make money

Question 4

personal motivation

Answer 4

driven by personal interest

Question 5

desire to help others

Answer 5

driven to help others w problems they are experiencing to improve the world around them

Question 6

constructive discontent

Answer 6

driven by unhappiness w an existing product or “the way things are normally done”

Question 7

scientific curiosity

Answer 7

driven by desire to know if/how/why something works

Question 8

necessity

Answer 8

driven by human nature to find solutions to problems

Question 9

desire to make money

Answer 9

successful inventions can make successful businesses

Question 10

lone inventors

Answer 10

an individual working outside/inside organisation who is committed to invention of a novel product and often becomes isolated bcs they are engrossed w ideas that imply change and are resisted by others

Question 11

advantages of lone inventors

Answer 11

full control over development of invention

can have radical ideas

dont have to give attention to marketing/sales of product

Question 12

disadvantages of lone inventors

Answer 12

may find it difficult to continue working on designs as large investments may be needed

you can be isolated w little backing

may find it difficult to take invention to market

Question 13

considerations for being lone inventor

Answer 13

time commitment

resilience

risk of failure

Question 14

intellectual property

Answer 14

legal term for intangible assets, such as inventions and designs that are used in a commercial setting. protected by law

Question 15

benefits of intellectual property

Answer 15

differentiates business from competitors

provides revenue streams

offers customers smth new and different

new marketing/branding opportunities

Question 16

list IP protection strategies

Answer 16

copyright (c)
trademark (tm)
service mark (sm)
patent (p)
patent pending
registered design (R)

Question 17

copyright

Answer 17

grants the creator of an original work exclusive rights to its use and distribution

Question 18

trademarks

Answer 18

a symbol or words legally registered as representing a company or product

Question 19

service mark

Answer 19

trademark used to identify a service rather than a product

Question 20

patents

Answer 20

legal document giving someone the right to make or sell a new invention for a certain number of years

Question 21

patent pending

Answer 21

application for a patent has been applied for but has not yet been processed, warns those copying invention that they may be liable for damages

Question 22

registered design

Answer 22

the features of shape or pattern which gives a product a unique appearance, and must be new and distinctive

Question 23

design protection/trade dress

Answer 23

simple and cost-effective way to protect an innovative shape or appearance

Question 24

first to market

Answer 24

the first product of this type to be rushed onto the market

Question 25

why might a company not apply for IP protection

Answer 25

cost time (takes several years to obtain) lack of awareness some designers want to share their designs for the greater good (eg seatbelt)

Question 26

benefits of first to market

Answer 26

leading the competition increased profit secure brand loyalty (the product becomes the dominant design and customer loyalty can be established before others enter the market)

Question 27

risks of first to market

Answer 27

high costs (R and D etc) customer acceptance

Question 28

shelved technologies

Answer 28

technology that is shelved for various reasons. Sometimes shelved technologies will be rediscovered or taken off the shelf

Question 29

reasons for shelved technologies

Answer 29

social -- market is not ready for something new technology -- concept has been worked out, but the technology is not viable yet timing -- products have to be released in a strategic manner in order to help social, technological and cost issues cost effective -- if product is too expensive, it is unlikely to be adopted by consumers