148 Questions
What is the primary purpose of granting a patent to an inventor or discoverer?
To protect novel devices, products, processes, equipment, or materials
What is the minimum period of time for which a patent application has priority in all contracting states?
12 months
What is the primary purpose of design patenting?
To protect the visual appearance of a product
What is the duration of protection provided by a design patent?
20 years
What is the outcome of patent infringement, as illustrated by the example of RIM?
A payment of $612.5 million
What is a key international agreement that provides the same rights and protection for all contracting states?
Paris Convention
What is the primary purpose of a trademark?
To distinguish products or services from others
What is the outcome of not obtaining a patent for a novel invention?
Others can use the invention freely
What is a major challenge for firms in terms of innovation?
Maintaining a high rate of good ideas internally
What is the primary goal of Open Innovation?
To integrate external knowledge with internal knowledge
Why is it difficult for firms to develop new products internally?
All of the above
How does Open Innovation address the issue of lacking talented employees?
By collaborating with external organizations
What is a key advantage of Open Innovation?
Access to external knowledge and talent
What is the purpose of collaboration with other organizations in Open Innovation?
To reach common goals through collaboration
Why do firms need to open their doors for external ideas?
To improve their innovation process
What is a consequence of relying solely on internal knowledge?
Limited innovation capacity
What is a strategy for innovation that involves delegating idea generation to other firms with high expertise or low cost?
Innovation outsourcing
What type of innovation strategy involves using users to generate ideas and feedback?
Co-creation
What is the primary focus of accelerators in the context of innovation?
Speeding up market growth of existing businesses
What is the purpose of OI challenges or camps?
To provide a platform for competitions where anyone can present creative ideas
What is the first step in running an Open Innovation challenge?
Define your innovation goals
What is a key benefit of using incubators and company accelerators in innovation?
Support for external ideas and transformation into new ventures
What type of innovation strategy involves asking users to help in proposing new product concepts?
Co-creation
What is a characteristic of innovation outsourcing?
It involves delegating idea generation to other firms with high expertise or low cost
What is the primary objective of the firm in the organization feasibility stage?
To manage and grow the firm
What is the purpose of the screening process in NPD?
To evaluate the technical, commercial, and business feasibility of a concept
At what stage can a business development plan of an innovation be started?
After the concept development phase
What is a product concept in NPD?
A physical form of a product plus a clear description of its benefits
What is the main difference between a business opportunity and a product concept?
A business opportunity is a possible idea, while a product concept is a physical form
What happens to the cost during the NPD process?
The cost is recovered as sales start
What is the purpose of a detailed business plan in NPD?
To provide a roadmap for implementation and investment
What is the relationship between cost and profit during NPD?
Cost is recovered as profit increases
What is the primary reason why some products are initially rejected by consumers?
Inability to predict all the potential uses of the product
What is the main purpose of launching a robust marketing campaign for new products?
To educate the mass market about the product's value
What is the outcome of introducing a totally new product to the market?
Creating a competitive position
What is the main reason why some firms may not develop new products internally?
Lack of resources
What is the key benefit of educating customers about new products?
Increased customer understanding
What is the main difference between innovative industries and non-innovative industries?
Level of technical activities
What is the primary reason why firms should educate customers about new products?
To overcome initial rejection by consumers
What is the outcome of successfully educating customers about new products?
Wide acceptance in the industry
A patent is a contract between the government and an inventor that grants protection for a period of 15 years.
False
To obtain a patent, the following conditions must be met: Novelty, Non-obviousness, and Industrial application.
True
A patent is issued by the trademark office.
False
Not legally protecting the IP that needs protecting is a common mistake made by small businesses.
True
Having a good IP can decrease a company's position in the market.
False
Trade Secrets are a type of IP that provides protection for a specific period of time.
False
Not recognizing the value of their IP is a common mistake made by small businesses.
True
Tacit knowledge is more easily communicated than explicit knowledge.
False
Most innovations come from explicit knowledge.
False
Tacit knowledge is a minor asset for firms.
False
Collaboration and social networks are not effective strategies for transferring tacit knowledge.
False
Tacit knowledge can be easily written down and documented.
False
Firms do not need to manage tacit knowledge effectively.
False
Tacit knowledge is not a critical component of innovation.
False
Tacit knowledge can be transferred through written documentation alone.
False
Recording lessons learned from a project is only useful for the team that worked on the project.
False
Guided experience is a strategy that involves minimal mentorship and guidance.
False
Special software can be used to record and retrieve information related to knowledge management.
True
Storytelling is only useful for sharing personal anecdotes and not for transferring knowledge.
False
Tacit knowledge can be easily transferred through formal training programs.
False
Presenting work is a strategy that involves hiding knowledge and expertise from others.
False
The activity of technology transfer primarily involves the expansion of the existing science/technology base through further research and development.
False
There are limited strategies for open innovation and collaboration.
False
Open innovation can hinder technology transfer.
False
The management of technology transfer is always straightforward.
False
There is only one model of technology transfer that has been used over the years.
False
Technology transfer units are not involved in the process of inward technology transfer.
False
The 4A conceptual framework is not used to explore the processes involved in inward technology transfer.
False
Fax machines were initially accepted by consumers in the 1960s
False
Microcomputers were widely accepted by consumers in the 1960s
False
Dyson bagless vacuum cleaner was initially successful in the market
False
Chryslers Cruiser was initially rejected by consumers in the 1990s
False
It is not necessary to educate customers about new products
False
The level of technical activities is the same in all industries
False
Firms should launch a minimal marketing campaign for new products
False
Introducing a totally new product to the market does not create a competitive position
False
Firms should not educate customers about new products because they will understand the benefits automatically
False
Educating customers about new products does not increase sales
False
What are the essential conditions that must be met to obtain a patent?
Novelty, Non-obviousness, and Industrial application
What is the significance of industrial application in the patent conditions?
It means the invention can be produced as a product or process in the market
What is the primary benefit of having a good IP for a business?
It can enhance the company's position in the market
What is the common mistake made by small businesses in terms of IP protection?
Not legally protecting the IP that needs protecting
What type of IP provides protection for a specific period of time?
Patent
Why is it essential for small businesses to recognize the value of their IP?
To utilize it as part of their overall plan for success
What is the primary difference between a patent and a trademark?
A patent grants protection for an invention or process, while a trademark protects a brand or logo
What is the outcome if a patent expires or is no longer protected?
The invention becomes available to anyone
What is the primary purpose of innovation outsourcing, and how does it benefit firms?
Innovation outsourcing is a strategy where a firm delegates idea generation to other firms with high expertise or low cost, allowing firms to access specialized knowledge, reduce costs, and increase innovation capacity.
How do incubators and accelerators support external ideas and transformation into new ventures?
Incubators provide tools and space for early-phase startups to develop business ideas, while accelerators focus on speeding up market growth of existing businesses with a functioning product.
What is the purpose of running an Open Innovation challenge, and what is the first step in organizing one?
The purpose of an Open Innovation challenge is to solicit creative ideas from external sources, and the first step is to define clear innovation goals that connect to the business.
How does co-creation with users benefit firms, and what is an example of this strategy?
Co-creation with users generates ideas and feedback that reflect users' needs, increasing the likelihood of developing successful products; an example is IKEA's customer involvement in proposing new furniture concepts.
What are the key differences between incubators and accelerators, and how do they support innovation?
Incubators focus on early-phase startups developing business ideas, while accelerators speed up market growth of existing businesses with a functioning product; both provide tools and resources to support innovation.
How does Open Innovation address the challenge of lacking talented employees, and what is a key advantage of this approach?
Open Innovation addresses talent shortages by accessing external knowledge and expertise, and a key advantage is the ability to tap into a diverse range of ideas and perspectives.
What is the primary goal of Open Innovation, and why do firms need to open their doors to external ideas?
The primary goal of Open Innovation is to access external ideas and knowledge to drive innovation, and firms need to open their doors to external ideas to access diverse perspectives and accelerate innovation.
What is the outcome of relying solely on internal knowledge, and how can Open Innovation address this limitation?
Relying solely on internal knowledge can limit innovation, whereas Open Innovation allows firms to access external knowledge and ideas, increasing innovation capacity and reducing the risk of stagnation.
What is the primary objective of New Product Development (NPD)?
To introduce a new product that generates profits to cover the initial cost
What is the significance of market research in NPD?
To introduce the right product to customers
What is the outcome of not educating customers about new products?
Product failure
What is the purpose of adopting a Sustainable NPD (S-NPD) strategy?
To ensure sustainable new product development
What is the significance of generating and selecting an idea in NPD?
To develop successful business ideas
What is the outcome of moving from an idea to a startup in NPD?
Implementing business plan; building the management team; obtaining seed funds, commercialization
What is the purpose of feasibility analysis and business plan in NPD?
To develop a successful business idea
What is the primary reason why some products fail after launch?
Lack of market research and customer education
What is the primary reason why new knowledge is important for innovations and discoveries?
Knowledge is power, and it allows for more innovations, increases creativity, enhances skills, and provides competitive advantage.
What are the three ways in which knowledge can be created?
Practice, Research and Development (R&D), and Collaboration and Interaction.
What is the significance of protecting knowledge in an organization?
To prevent replication by competitors and maintain competitive advantage.
What is the relationship between knowledge and innovation?
All innovations and discoveries are based on new knowledge.
What is the role of knowledge in enhancing skills and decision-making?
Knowledge enhances skills, finding problems, and effective solutions, and provides a faster learning process and better decision-making.
What is the significance of organizational learning in knowledge creation?
Organizational learning is essential for creating new knowledge, as it enables the organization to learn from its experiences and adapt to new situations.
What is the relationship between knowledge and creativity?
Knowledge increases creativity, leading to new ideas and innovations.
What is the outcome of not managing knowledge effectively in an organization?
Failure to generate more innovations, decreased creativity, and loss of competitive advantage.
What is the primary role of customers in the New Product Development (NPD) process?
To ensure that the product reflects their needs by being included in every stage of NPD.
What is the ultimate goal of the New Product Development (NPD) process?
To create a product that meets customer needs and stays competitive in the market.
What is the significance of the four stages in the NPD model?
The stages are iterative and repeated to improve the product over time.
What is the primary difference between a business opportunity and a product concept?
A business opportunity is a broader idea, while a product concept is a specific product idea.
What is the primary reason for firms to educate customers about new products?
To increase adoption and sales by raising awareness and understanding of the product.
What is the outcome of introducing a totally new product to the market?
The demand for the product will decrease over time unless it is replaced or improved.
What is the primary reason why firms may not develop new products internally?
Lack of knowledge, expertise, or resources to develop innovative products.
What is the key benefit of using incubators and company accelerators in innovation?
Access to resources, expertise, and network that facilitate innovation and growth.
What is intellectual property, and why is it considered valuable in the marketplace?
Intellectual property is any product of human intellect that is intangible but has value in the marketplace. It is considered valuable because it is a product of human imagination, creativity, and inventiveness, and provides a core competency and competitive advantage by having something that is not available to others.
What is the main idea behind protecting intellectual property, and how can it benefit firms?
The main idea behind protecting intellectual property is to prevent others from using innovations without permission. This provides a core competency and competitive advantage, and can also generate significant financial returns by licensing IP to others.
Why is it important to seek legal advice when dealing with intellectual property?
It is important to seek legal advice when dealing with intellectual property because it is a complex and specialized area, and mistakes can lead to serious financial losses.
What is the significance of intellectual assets in today's business environment?
Intellectual assets are more important than physical assets in today's business environment, as they provide a core competency and competitive advantage.
How can companies generate revenue from their intellectual property?
Companies can generate revenue from their intellectual property by licensing it to others.
What is the role of intellectual property in providing a competitive advantage?
Intellectual property provides a competitive advantage by having something that is not available to others, which can help companies to differentiate themselves and stay ahead of the competition.
What is meant by the term 'knowledge' in the context of innovation management?
Knowledge is facts, information, and skills acquired through experience, experiment, or education.
What are the primary reasons why new knowledge is important for innovation?
Knowledge is power, increases creativity, enhances skills, provides faster learning, and creates competitive advantage in the market.
How can knowledge be created in an organization?
Through practice, research and development (R&D), collaboration, and interaction with customers, competitors, and global markets.
What is the significance of protecting knowledge in an organization?
To prevent replication by competitors and maintain competitive advantage.
What is the relationship between knowledge and innovation?
All innovations and discoveries are based on new knowledge.
Why is it important for organizations to manage their knowledge effectively?
To generate more innovations, increase creativity, and enhance skills, and to create competitive advantage in the market.
What types of works are protected by copyright law?
Literary works, Musical compositions, Computer software, Dramatic works, Pantomimes and choreographic works, Pictorial, graphic, and sculptural works
What is the primary purpose of protecting trade secrets?
To prevent disclosing information that could be damaging to the firm if stolen by others
What measures can be taken to protect trade secrets?
Restricting access, Labeling documents, Password protecting confidential computer files, Maintaining logbooks for visitors and access to sensitive material, Maintaining adequate overall security measures
Why do firms need to protect their intellectual property?
To preserve their core competences and maintain competitive advantages
What is the significance of intellectual assets in today's business environment?
They are often more important than physical assets
What should a firm do to manage its intellectual property effectively?
Develop an inventory of its existing IPs, including registration of patents, trademarks, and copyrights
What is the primary goal of the new product development (NPD) process?
to develop a product that meets customer needs and stays in the market
What is the significance of customer involvement in the NPD process?
to ensure that the product reflects their needs
What is the outcome of not innovating or updating products over time?
the demand for each product will decrease
What is the purpose of the product development stage in the NPD process?
to translate the selected idea into a physical product or a new feature
What is the role of concurrent engineering in the NPD process?
it is an example of tech-based product development that involves simultaneous product and process development
What is the purpose of the four stages of the NPD process (idea generation, idea screening and selection, product development, and product introduction)?
to create a product that meets customer needs and stays in the market
What is the main reason why a product may fail, and how can it be avoided?
A product may fail because it is not attractive or does not reflect the needs of customers. This can be avoided by integrating customers in each stage of NPD and educating them about the product's value.
What is Sustainable New Product Development (S-NPD) Strategy, and what are its advantages?
S-NPD is a strategy that involves introducing a new product that considers sustainability criteria at each stage, focusing on minimizing negative impacts on society and environment. Its advantages include reducing operation costs, attracting new customers, and increasing sales, as well as tax incentives.
What is the importance of finding the right communication channel with customers in NPD?
Finding the right communication channel with customers is important to define their needs accurately and educate them about the product's value.
Why is it important to integrate customers in each stage of NPD?
Integrating customers in each stage of NPD helps to ensure that the product meets their needs and is attractive to them, reducing the risk of product failure.
What is the outcome of adopting Sustainable NPD (S-NPD) Strategy?
The outcome of adopting S-NPD Strategy is reducing operation costs, attracting new customers, and increasing sales, as well as tax incentives.
Why is it important to educate customers about new products?
Educating customers about new products helps to increase their awareness and understanding of the product's value, reducing the risk of product failure.
Learn about the patent application process, including the requirements for filling a patent application and the importance of establishing a date of invention.
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