IB DT: Topic 5.1: Invention

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what is an invention?

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

what are the drivers for invention (different to the strategies for innovation)?

• personal motivation to invent: expression of creativity or personal interest

• scientific and/or technical curiosity

• constructive discontent with existing invention

• desire to make money

• desire to help others

what is a lone inventor?

an individual working outside or inside an organisation who is committed to the invention of a novel product

• often become isolated because they are engrossed with ideas that imply change and are resisted by others

what are the advantages and disadvantages of being a lone inventor?

• pros: completely new and different ideas - leading to revolutionary products

• cons: may not give sufficient care to marketing/sales, isolated, no backing, hard time developing designs (especially if large investments are required), resisted by other employers and workers

what is intellectual property (ip)?

a legal term for intangible property such as ‘creations of the mind’ - like inventions and designs that are used in a commercial setting. intellectual property is protected by law.

what are the benefits of IP protection?

• differentiating a business from competitors

• allowing sale or licensing (revenue streams)

• offering customers something new and different

• marketing/branding

• establishing a valuable asset that can be used as security for loans

what are the most effective strategies for protecting ip?

• patents

• trademarks

• copyright

what is a patent?

an agreement from a government office to give someone the right to make or sell a new invention for a number of years - allows dominant designs to be established within marketplaces

what is a trademark?

a recognisable sign, design or expression which distinguishes products or services of a particular trader from the similar products or services of other traders

what is 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 for a limited time, with the intention of enabling the creator to receive compensation for their intellectual effort

what is meant by ‘patent pending’?

an indication that an application for a patent has been applied for but not yet processed. the marking serves to notify those copying the invention that they may be liable for damages and back dated loyalties once a patent is issued.

what is meant by ‘first to market’?

when a company or individual has an innovative idea, they will rush it to have it on the market before anyone else. some innovators decide not to protect their ip as an alternative strategy to ensure success by allowing them to get to market first rather than spend time and money on patents.

what does it mean to shelve technology?

to pause, delay or discontinue the development, deployment or commercialisation of a technological product or system

what are the reasons for shelving technology?

• social factors: the markets may not be ready for the innovation due to cultural resistance or perceived safety risks

• technological limitations: the underlying science may exist, but practical implementation may be unviable

• strategic timing: companies may stagger releases to avoid market confusion

• cost barriers: high production costs can make technologies commercially unfeasible

• market viability: products may be withdrawn if demand is insufficient