Game Plan Apollo 13 Clips Introduce Invention vs Innovation Team Build Activity Invention vs Innovation Q’s

Apollo 13 Clips http://www.youtube.com/watch?v=kAmsi05P9Uw http://www.youtube.com/watch?v=KhoXFVQsIxw http://www.youtube.com/watch?v=Zm5nUEG5Bjo

Invention vs Innovation

Product Development Invention is the creation of a completely new product, method, or device. Businesses use inventions to create original solutions to meet consumer needs. Innovation is the change of an existing product to use new technology, items or processes. Unit 5

Product Development Business Opportunity Market Research Consumer Wants Businesses will decide whether or not they can provide a product/service to satisfy their customers’ wants/needs

Taking the Next Step Patents legal right of ownership for their invention prevents others from using/copying without permission Copyright exclusive right to publish, produce, sell, or distribute an original work of literature, art, music, software, design etc. PATENTS AND COPYRIGHTS The acquisition of a patent can be complicated and expensive. Lawyers can help with application and patent searches. If someone else has a previous patent or similar one a new application will not be granted. Inventions are protected during the “patent pending” period of time. To prevent the theft of your idea(s) make sure to utilize the services of a reputable patent service.

Taking the Next Step Licensing Agreements allows another business to use invention/innovation for a fee or a royalty. Franchising Agreements A business licenses the rights to its name and procedures ENTREPRENEURIAL OPPORTUNITIES Licensing Agreements Royalty is a fee paid to the owner of a patent or copyright by someone who uses it. A royalty can be a fixed price or a percentage of total sales revenue. Ideas, images, and names can be licensed in product development. Fictional characters and sports teams are examples of things that could have their names, pictures, and logos on products. Producing the Invention Often entrepreneurs form partnerships with established businesses or financial investors that provide funds and expertise. Venture capital markets are a forum for bringing together inventors and financial investors who are interested in developing new ideas. Selling the Rights This is the fast way to realize revenue from an invention or innovation. An advantage would be that the buyer assumes risks such as financing, production, and marketing of the product. Another advantage is that the entrepreneur would not have to wait for the money. A disadvantage to selling the rights is that the invention is used in an application not anticipated by the inventor. A second disadvantage could be that long term profits may exceed the payment for the patent or copyright.

Taking the Next Step Producing the Invention Manufacturing requires a lot of capital and expertise Process can be very risky. Selling the Rights Entrepreneurs can sell their patents or copyrights ENTREPRENEURIAL OPPORTUNITIES Licensing Agreements Royalty is a fee paid to the owner of a patent or copyright by someone who uses it. A royalty can be a fixed price or a percentage of total sales revenue. Ideas, images, and names can be licensed in product development. Fictional characters and sports teams are examples of things that could have their names, pictures, and logos on products. Producing the Invention Often entrepreneurs form partnerships with established businesses or financial investors that provide funds and expertise. Venture capital markets are a forum for bringing together inventors and financial investors who are interested in developing new ideas. Selling the Rights This is the fast way to realize revenue from an invention or innovation. An advantage would be that the buyer assumes risks such as financing, production, and marketing of the product. Another advantage is that the entrepreneur would not have to wait for the money. A disadvantage to selling the rights is that the invention is used in an application not anticipated by the inventor. A second disadvantage could be that long term profits may exceed the payment for the patent or copyright.

Innovation Innovation: using new technology, materials, or processes to improve existing products, how they are produced or distributed WHAT IS AN INNOVATION? Many product we use today have changed from the original way the inventor created them. Soap has seen many changes in the way it is manufactured, what ingredients go into it, how it is distributed, and its form (soap on a rope).

The Impact of Innovation Innovators as Entrepreneurs build on what others have already developed look to the competition for ways to gain an advantage for their new products or services WHAT IS AN INNOVATION? Many product we use today have changed from the original way the inventor created them. Soap has seen many changes in the way it is manufactured, what ingredients go into it, how it is distributed, and its form (soap on a rope).

Ways to Innovate Changing… how the product is used the packaging the marketing strategy the distribution process the design the manufacturing process INNOVATORS AS ENTREPRENEURS Changing How a Product is Used 3M Scotch Tape, introduced in 1948, has been marketed for a wide variety of uses over the years. Changing the Package Beverage containers have gone from glass bottles to wax covered cartons to recyclable tetra style boxes. Package innovations occur for many reasons including to be environmentally friendly and to help the products marketability to a new audience. Changing the Marketing Strategy An example of increasing sales occurred in the late 1990’s when the marketers of Corn Pops strategically placed commercial targeting teens.

In your opinion, what was the most important Canadian product ever invented? Why?

According to CBC…. Honourable Mentions Instant Mash Potatoes Paint Roller Lacrosse Snow blower Walkie-Talkie Basketball Blackberry Ski-doo

According to CBC… Top 10 Canadian inventions: 10. Poutine 9. Electric Wheelchair 8. Zipper 7. Robertson screwdriver 6. Pacemaker

The Top 5 5. Wonderbra 4. Five pin bowling 3. Light bulb 2. Telephone 1. Insulin

Product Development There are more innovators than inventors. Innovators look at ways to improve on existing products, methods or devices. Unit 5

Let’s Review Invention = MADE Innovation = IMPROVED

Group Build Get in groups of four You are a product development team for a struggling corporation. The chief executive officer has asked that you come up with a prototype for a product that either teenagers wish was better or wish they had. You have 30 Minutes Invent or Innovate