Design Tech Ch. 5 Outline.docx - Isy Belsito Mrs Limestoll...

  • No School
  • AA 1
  • 6

This preview shows page 1 - 3 out of 6 pages.

Isy Belsito Mrs. Limestoll 5.1 Invention- the process of discovering a principle which allows a technical advance in a particular field that results in a novel/new product. Motivators for Invention Personal motivation to invent. (a tinkerer) To assist people and make life better Constructive discontent – Not happy with an existing product To make money. Inquisitive scientific or technical thinking. Necessity – maybe a new and novel material is developed and so a new tool is needed. Lone inventor- Though there are some lone inventors, the advantages of working collaboratively are obvious. Collaboration brings multiple perspectives, expertise in all areas, differing experiences and problem solving techniques Intellectual Property- refers to creations of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce. - safeguards for investors - protection from competitors stealing ideas Patent -grants right to make or sell a new invention exclusively for a certain number of years within geographical boundaries. Other Strategies Protecting IP- copyrights, trademarks, servicemarks, registered trademarks First to Market- first to gain users/customers and take a big market share in the absence of any significant competition. Know the disadvantages!!! Shelved Technologies- Sometimes technologies are patent, but they just aren’t commercially viable at the time 5.2 Innovation - represents the commercialization of the invention itself. It is important to
Image of page 1
have this difference clearly outlined because an invention may have little economic value, if at all. Why inventions don’t become innovations- Marketability - Low product demand or not readily saleable Financial support - There is little monetary backing Marketing - Poor marketing strategies or wrong target markets. The need for the invention - Examples include alternative energy resources Price - Affordable, cost effectiveness or value for money Resistance to change - People and organizations can be resistant to change Aversion to risk - relates to the behavior of consumers and investors under uncertainty Sustaining innovation- the application of incremental adjustments to existing products in order to achieve sales and continue in the market Disruptive innovation- a product or service that begins at the bottom of a market, then relentlessly moves up displacing established competitors.
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 6 pages?

  • Fall '19

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes