Invention, Innovation & Creativity

Where do you find new ideas? Newspapers, Magazines & Publications  Trends,  Goods/services that appeal to people  Businesses for sale Trade Shows  Manufacturers/distributors display their newest products Discovery/Observation  In the process of doing/using a product or service you may see an idea for improvement.

Observation TestObservation Test #1 Observation Test ► How well do you pay attention to details? ► Do you have selective attention?

Observation Test #2 ► Look at the following pictures for 1 minute then try to recall all of them when they are taken away.

There were 27! How many did you get?

What is an Invention? ► A product or process that does something that has never been done before.

Types of Invention/Innovation? An Idea-driven Enterprise One that you create as a result of an invention or innovation A Market-driven Enterprise Market driven entrepreneurs look for a customer base and then develop a product those customers say they want or need.

What is Innovation? ► Using new technology, materials or processes to improve existing products, how they are produced and distributed.  Change how a product is used  Change the package or design  Change the marketing strategy  Change the manufacturing process  Change the distribution process

Not all good ideas are good ventures! ► Not all ideas will work as a business. Feasibility- Is it something that can be done? Marketability- Will it be something people will want? Will it sell? Profitability- Will it make money?

Wacky Patents  Go online to  Select a patent idea  Evaluate based on Marketability, Feasability and Profitability.  How could this idea be altered to make it a better venture idea?

Protecting your Inventions PATENTS ► Gives the holder sole right to make, use or sell an invention for a set period of time. (20 years in Canada) COPYRIGHTS ► Gives someone the exclusive right to publish, produce, sell, or distribute works of literature, music, art, and software (t he life of the author plus 50 years from the end of the calendar year of death).

More Protection for your Ideas Trademarks ► A mark used by a person or business for the purpose of distinguishing their goods or services from other people’s goods and services. Trade Secrets ► A trade secret is a piece of information – a code, a formula, a device or a piece of news – that derives economic value from being confidential. ► A trade secret is a piece of information – a code, a formula, a device or a piece of news – that derives economic value from being confidential. ► trade secret gives you exclusive rights for as long as you can keep it a secret

More Protection for your Ideas LICENSING AGREEMENTS ► Inventor allows another business to use his/her invention for a fee ROYALTY ► A fixed amount or percentage of total sales that the user pays the patent or copyright owner for use.