Innovation and Markets

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28 Terms

1

Invention

is the process of discovering a principle which allows a technical advance in a particular field that results in a novel or new product.

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2

Lone inventor

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

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3

Intellectual Property (IP)

A legal term for intangible property such as "creations of the mind" such as inventions and designs that are used in a commercial setting.

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4

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.

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5

Trademarks

A recognizable sign, design, or expression that distinguishes products or services of a particular trader from the similar products or services of other traders.

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6

Copyright

A legal right created by the law 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.

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7

Patent Pending

An indication that an application for a patent has been applied for but has not yet been processed.

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8

First to Market

When a company or a person has or thinks they have an innovative idea or product, they will rush to have it on the market before anyone else.

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9

Shelved Technologies

Technology that is shelved for various reasons.

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10

Innovation

The business of putting an invention in the marketplace and making it a success.

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11

Marketability

Low product demand or not readily saleable.

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12

Financial Support

There is little monetary backing from the organization or an outsider.

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13

Process Innovation

Ā Improvement in the organization and/or method of manufacture to reduce costs or benefit consumers.

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14

Architectural Innovation

The technology of the components stays the same, but their configuration is changed to produce a new design.

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15

Modular Innovation

The basic configuration stays the same, but one or more key components are changed.

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16

Configurational Innovation

Modifying arrangements of components to improve performance, usability, and function.

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17

Radical Innovation

Ā Changing the paradigm of the market that the new product is produced in.

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18

Sustaining Innovation

Ā Innovative ideas that are constantly updated to maintain their success. This includes new or improved products that meet consumer needs and sustain manufacturers.

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19

Disruptive Innovation

A product or type of technology that challenges existing companies to either ignore or embrace technical change.

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20

Diffusion

A process where a market accepts a new idea or product. The rate of acceptance can be increased by several factors.

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21

Suppression

A process where the market actively slows the adoption of a new idea or product.

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22

Act of Insight

Ā Often referred to as the "eureka moment," a sudden image of a potential solution is formed in the mind, usually after a period of thinking about a problem.

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23

Adaptation

A solution to a problem in one field is adapted for solving a problem in another field.

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24

Technology Transfer

Ā Technological advances that form the basis of new designs may be applied to the development of different types of products/systems.

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25

Analogy

An idea from one context is used to stimulate ideas for solving a problem in another context.

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26

Chance

An unexpected discovery leads to a new idea.

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27

Technology Push

Scientific research leads to advances in technology that underpin new ideas.

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28

Market Pull

A new idea is needed as a result of demand from the marketplace.

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