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Unit 5- Innovation and design (Strategies for Innovations (Act of insight,…

- - - - Advantages of IP include differentiating a business from competitors, selling or licensing to provide revenue streams, offering customers something ne and different, marketing branding, its value as an asset.
        
        ● differentiating a business from competitors
        
        ● allo ing sale or licensing, providing an important revenue stream
        
        ● offering customers something ne and different
        
        ● marketing branding
        
        ● establishing a valuable asset that can be used as security for loans.
    - - Patents: An agreement from a government office to give someone the right to make or sell a new invention for a certain number of years .
      - Trademarks: A trademark is a recognisable sign, design or expression hich distinguishes products or services of a particular trader from the similar products or services of other traders.
      - Copyright: Copyright is a legal right created by the la of a country, that grants the creator of an original work exclusive rights to its use and distribution, usually for a limited time, with the intention of enabling the creator (e.g. the photographer of a photograph or the author of a book) to receive compensation for their intellectual effort.
    - - An indication that an application for a patent has been applied for but has not yet been processed. The marking serves to notify those copying the invention that they may be liable for damages (including back-dated royalties), once a patent is issued.
    - - When a company or a person has or think they have a innovative idea or product, therefore will rush to have it on the market before anyone else. Some innovators decide not to protect their IP as an alternative strategies to ensure success by allowing them to get first to market rather than spend money on patents or waste time.
    - - Technology that is shelved for various reasons. Sometimes shelved technologies will be rediscovered or taken off the shelf.
- - - - Examples include the iPod which changed the way we managed and listened to music. Mobile phones so we were no longer restricted to landlines.
  - - - Example is in the automobile industry such as Ford ith the introduction of assembly line production and Toyota ith lean manufacturing.
  - - - Examples include electric cars, Sony Walkman
  - - - Example include a new type of switch button on a toaster.
- - - - ● Individuals with a goal of the complete invention of a new and somewhat revolutionary product.
      - ● Have ideas that are completely new and different.
      - ● May not comprehend or give sufficient care to the marketing and sales of their product.
      - ● Are usually isolated, and have no backing towards their design.
      - ● Are having a harder time to push forward their designs, especially in a market where large investments are required for success.
      - ● Their ideas, because of how different they are are often resisted by other employees and workers.
  - - - ● as business experience in the domain
      - ● Can speak intelligently about the issues
      - ● Acts as a good facilitator
      - ● Works and plays well with others
      - ● Accepts responsibility for the product
      - ● Defends the team’s ability to produce the product
      - ● Is willing to make hard decisions about scope
      - ● Treats the team as knowledgeable professionals
      - ● Sets reasonable performance expectations
      - ● Communicates with the team, the customer, management, sales, and marketing
      - ● as a willingness to learn from everyone
      - ● Doesn’t trust everyone does trust the right people
  - - - ● Business acumen
      - ● Self-control
      - ● Self -confidence
      - ● Sense of urgency
      - ● Comprehensive Awareness
      - ● Realism
      - ● Conceptual Ability
      - ● Status Requirements
      - ● Interpersonal Relationships
      - ● Emotional Stability
  - - - Inventors often take the role of product champion and or entrepreneur because ...
        ● Their product or idea is novel
        ● Too novel or 'out there’ for a company to take a risk on
        ● Can't find a backer or company to produce it
        ● The inventor will have to 'champion’ their product to different companies
- - - - Advantages and disadvantages for a company of introducing ne versions and generations of a product
        ● Improved consumer choice consumers can choose the version thats suits them.
        ● Improved consumer choice can choose a budget level such as quicken tax soft are
        ● Maximise profits for the company hopefully through increased sales.