Innovation and Markets

Invention

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.

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.

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.

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

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.

Patent Pending

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

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.

Shelved Technologies

Technology that is shelved for various reasons.

Innovation

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

Marketability

Low product demand or not readily saleable.

Financial Support

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

Process Innovation

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

Architectural Innovation

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

Modular Innovation

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

Configurational Innovation

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

Radical Innovation

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

Sustaining Innovation

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

Disruptive Innovation

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

Diffusion

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

Suppression

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

Act of Insight

 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.

Adaptation

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

Technology Transfer

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

Analogy

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

Chance

An unexpected discovery leads to a new idea.

Technology Push

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

Market Pull

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