Topic 5.1

What is the main difference between invention and innovation?

• Invention is about improving an existing product or making a significant contribution to it, while innovation is creating a new one.

• Invention is the creation of a product, process or service for the first time, while innovation improves, make a significant contribution to it as well as making it a success on the marketplace.

• Invention requires scientific research, whereas innovation requires financial investment.

• Invention and innovation are interchangeable terms with no difference.

Who is an example of a lone inventor as described? Justify your answer.

• Elon Musk

• Steve Jobs

• James Dyson

• Bill Gates

What is a potential disadvantage of being a lone inventor?

• Full control of the development of their invention

• Lack of business acumen and difficulties in marketing and sales

• Ability to have ideas that are completely new and different

• Having a flexible and collaborative approach

Which of the following is **not** a common form of intellectual property right?

• Copyright

• Trademark

• Patent

• Freeware

What is a key advantage of being the "First to Market" with a new product?

• Spending less on research and development

• Avoiding the need for intellectual property protection

• Gaining a larger market share and securing brand loyalty

• Having less competition in the long run

Why are most common reasons for some patented technologies to be shelved?

• Because of lack of interest from the public

• Due to cost effectiveness, social issues, technology readiness, or timing

• Because they are illegal

• They do not work as intended

Which of the following drives invention?

• Expressing creativity or personal interest

• Constructive discontent

• Scientific curiosity

• All of the above

What is a not registered trademark indicated by?

• ™ symbol

• ® symbol

• SM symbol

• © symbol

What are two benefits of intellectual property ?

• Increase revenue streams when putting innovative products/services on the market

• Promotes products when launched

• Promotes innovation by protecting new creations

• Increase spendings towards marketing

What makes it most difficult for lone inventors to work in teams?

• They lack technical skills

• Their emotional investment in their ideas and inventions

• They prefer to work in isolation

• They do not want to share their profits