Topic 5.1

5.1 Specifically

Invention

The process of discovering a principle that allows a technical advance in a particular field that results in a novel/new product.

**Drivers for Invention**

* Personal motivation to invent
* To assist people and make life better
* Constructive discontent
* To make money
* Inquisitive scientific or technical thinking
* Necessity

**Lone inventors**

An individual working outside or inside an organization who is committed to the invention of a novel product and often becomes isolated because he or she is engrossed with ideas that imply change and are resisted by others.

Intellectual Property

A legal term for intangible property such as “creations of the mind” such as inventions and designs that are used in a commercial setting. Intellectual property is protected by law.

**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.

**Trademark, ®, or, TM**

Symbol, word, or words legally registered or established by use as representing a company or product.

**Design protection**

A simple and cost-effective way to protect an innovative shape, appearance or ornamentation.

**Copyright ©** 

A legal right that grants the creator of an original work exclusive ownership for its use and distribution. Usually for a limited time and within geographical boundaries, copyright allows the creator to receive compensation for their intellectual effort.

**Service Mark (SM)**

A trademark used to identify a service rather than a product.

**Patent Pending**

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.

Benefits of Intellectual Property

* Differentiating a business from competitors
* Allowing sale or licensing, providing an important revenue stream
* Offering customers something new and different
* Marketing/branding
* Establishing a valuable asset that can be used as security for loans.