Lesson Objectives To know and understand what R&D is To understand why businesses spend money on R&D to invent and innovate. To know the difference between.

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Presentation transcript:

Lesson Objectives To know and understand what R&D is To understand why businesses spend money on R&D to invent and innovate. To know the difference between invention and innovation

Research and Development Often within a business one of the key areas is the Research and Development (R&D) Department. This department is concerned with coming up with new products (invention) or improving current ones (innovation).

Why invention & innovation is important? One of the biggest mistakes that a business can make is to presume that their products will be successful forever. Businesses must remain competitive by keeping their product range new and interesting. Businesses can gain from “First Mover Advantage”

What is the difference between Invention & Innovation? Invention Invention happens when someone comes up with a new technology, creating something that hasn't been done before. Innovation Innovation is when a new technology or idea is developed to meet customer needs.

Invention or Innovation?

Protect with a Patent! A patent is a method of protecting an invention against copying by other businesses. Doing this will ensure first mover advantages. Copyright applies to protecting intellectual products e.g. JK Rowling has the sole right to distribute, publish and adapt Harry Potter books and films.