What is mean by “Business - Innovation” and Intellectual Property?

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“Business - Innovation” and Intellectual Property

Innovation happens when someone turns an idea or an invention into a product that can be sold and a new idea is successfully exploited. Innovation is different from invention. an inventor discovers or creates

something new, an innovator  turns this new discovery into a saleable product. An innovator can be a person, a group of people or an organisation creating this new business idea. Some business ideas are develop by individual innovators who are able to recognise how to change or adapt an existing product, or who spot a gap in the range of products being sold.

Some business ideas are development in research department set up by larger business for this purpose. Any successful products that come from this research will help the business make profit and stay competitive. Innovation is therefore a key business process that enables a business to compete successfully in its marketplace. However, the investment that a business makes in researching and developing innovation products is costly and there is no guarantee that the research will lead to successful products.

Inventor and innovators face the risk that someone will copy what they have created, market this copy and therefore compete with them. To stop this happening, businesses can use intellectual property (IP) to protect their ideas.

IP is created when an idea takes some tangible (physical) from. IP can be legally owned. Inventions (also brands and designs) are examples of IP. There are four main types of IP:

The nature and importance of …..

-Patents

-Copyright

-Designs

-Trademarks

*Copyright protects many types of ideas and work, typically involving Music, films and broadcasts, and other literary and artistic works. The copyright holder’s permission is needed before someone else can use the work in question, otherwise the person using the copyrighted material without permission can be taken to court.

*patents protect inventors. They do this by protection the features and processes that make things work. The main benefit to a business when taking out a patent is that anyone who copies the business’s patented idea can be taken to court. Other advantage for an inventor from taking out a patent include being able to sell or license the invention, or being able to discuss with others how best to set up a business based on the invention.

*designs protect the appearance and appeal of products. A business creating a product with a unique design can seek to register the design and therefore stop anyone from copying it.

*Trademarks are brand names and logos. They are distinctive to the goods and services from others. Registering a trade mark gives a business the exclusive right to use it and so stops others using it without permission.

An example of Innovation:

Amazon, the internet e-commerce company, was launched online in USA. It now has separate websites in other countries, including the UK, where it bought an independent online store in 1998 to create amazon. Co. UK.

How is Amazon innovative? Although not the first online store, it is a good example of how an entrepreneur (Jeff Bezos) has developed the idea of the ‘virtual store’ by striving to meet all the needs of a customer. Amazon does this by not only trying to offer its customers the widest range of goods (new and used) at the lowest possible prices, it also gives them a variety of resources to help make their choice, including customer reviews and personal recommendations.

 

Key words:

*Intellectual property rights give protection and therefore reduce risk of misuse.

*The process of innovation involves taking risks.