Understanding Innovation and Intellectual Property

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Questions and Answers

Define the term innovation.

Innovation refers to the creation of new ideas, products, processes, or services. It encompasses the implementation of these creations to generate value and improve existing offerings.

Define the term research and development (R&D).

R&D is a systematic process of investigating and exploring new knowledge, techniques, or applications. It involves experimentation, analysis, and the development of prototypes or solutions.

What is a patent?

A patent is a legal right granted to an inventor for an invention. It provides exclusive rights to use, make, or sell the invention for a specified period.

Distinguish between a social need and a market need.

A social need refers to a requirement or desire that benefits society as a whole, addressing societal issues or improving people's lives, while a market need focuses on the demands and desires of consumers in a specific market, seeking to create profitable products or services that meet their expectations. Signup and view all the answers

Explain the importance of protecting the business idea or concept (intellectual property) with reference to a contemporary business that you are familiar with.

Protecting intellectual property is crucial for businesses because it safeguards their unique ideas and inventions from unauthorized use or exploitation. This protection helps to build brand reputation, attract investors, and create a competitive advantage. For example, Apple invests heavily in protecting its designs, technologies, and software, enabling it to maintain its position as a leader in the tech industry. Signup and view all the answers

Identify and describe two sources of business opportunity that led to Kathleen's business idea for Alpaca Rugs.

Kathleen's business idea stemmed from two sources: 1. Personal Experience: Kathleen's trip to South America exposed her to high-quality Alpaca rugs that were not readily available in Australia, triggering her entrepreneurial spirit. 2. Market Gap: Identifying the absence of such premium Alpaca rugs in Australia revealed a clear gap in the market, presenting a promising opportunity for Kathleen to cater to the demand for these unique products. Signup and view all the answers

Explain how the terms business concept, innovation, and gap in the market apply to Kathleen’s business.

Kathleen's business, Alpaca Rugs, embodies these three key concepts: 1. Business Concept: Kathleen's business concept was to import and sell high-quality Alpaca rugs made from Peruvian Alpaca fibre, filling a gap in the Australian market and offering a unique product. 2. Innovation: Kathleen's business model was innovative, as she sourced materials directly from Peru and introduced a high-quality, unique product to the Australian market. 3. Gap in the Market: Kathleen recognized a distinct gap in the Australian market for premium Alpaca rugs made with high-quality Peruvian fibre. Signup and view all the answers

List and explain two types of business goals that Kathleen's business may have.

Kathleen's business may have two types of goals: 1. Financial Goals: These would focus on the economic aspects, such as increasing sales revenue, achieving profitability, expanding into new markets, or securing funding for growth. 2. Non-Financial Goals: These would address other important aspects, such as improving customer satisfaction, enhancing brand awareness, building a strong team, or contributing to the community, Signup and view all the answers

Flashcards

Innovation

The process of creating new ideas or improving existing products or services.

Research and Development

Activities that companies undertake to innovate and introduce new products.