1. Invention & Innovation

3. What is an Invention? A product or process that does something that has never been done before. When the invented product or service fills a need, it can potentially be sold to consumers.

4. Ownership of an Invention Patent Registration of an inventors legal right of ownership for their invention. It prevents others from using the invention without permission. Copyright Exclusive right to publish, produce, sell, or distribute an original work of literature, art, music, software, design, etc.

5. Ownership of an Invention Licensing Agreement - Allowing another business to use the invention for a fee or royalty. Franchising Agreement - An arrangement for one business to license the rights to its name and procedures to another business entity. Selling the Rights – inventors can out right sell their ownership/rights

6. What is an Innovation? An innovation requires using new technology, materials or processes to improve existing products or services or to create new production and distribution processes.

7. Innovators as Entrepreneurs Innovators build on what other businesses have already developed. Innovators look to the competition for ways to gain an advantage for their new product/service. Entrepreneurs use innovation to change how a product/service is used, packaged, marketed, distributed, designed or manufactured.

8. The Impact of Innovation 1.Changing how a product is used When entrepreneurs discover innovative ways to use a familiar product, they can develop a whole new market for the product. Scotch tape was created to use on clothespins to protect the clothes from snagging now it is used as a common household adhesive.

9. The Impact of Innovation 2. Changing the packaging Changing the way a product is packaged can create a whole new industry. Yogurt in containers, now you can find it in tubes and crushable containers.

10. The Impact of Innovation 3. Changing the marketing strategy Changing the way a product/service is promoted or advertised can target a new market and, potentially, improve sales. Zoom media used to mainly broadcast media, now it rents washroom wall/stall space for ads at establishments that are frequented by university and 18-34 year olds.

11. The Impact of Innovation 4. Changing the distribution process Changing or improving the way a product is distributed can potentially result in more and new customers. ❖ -Netflix used to mail DVD’s to clients and now films are delivered via an internet/cable connection.

12. The Impact of Innovation 5. Changing the design A design change to a product can improve how it functions or who it appeals to in a new market segment. Can be simple as looking at the size, colour or shape of product. Cell phones and cars designs are constantly being changed to broaden their appeal.

13. The Impact of Innovation 6. Changing the manufacturing process As new technologies and materials are developed, manufacturers must review their production processes to create better and less expensive products. Addition of equipment allowed for potato chips to be flavoured.

14. Can you think of any recent inventions or innovations? ● xxx ●Video - Top Inventions of 2013Video ●Video - Worst Inventions!!Video