Keywords: Idea, Invention, Innovation
Business Terminologies: Ideas, Inventions and Innovations
Generally, invention refers to a process that has been developed after a series of experiments while an idea denotes an opinion, which can be formulated. Problems that normally occur in life drive people to find ways of solving them. When an individual manages to think about a solution to a particular problem, then the solution would be termed as an idea. When the solution is implemented or put into operation, then the solution is said to have been invented. It then becomes an invention (Needle, 2010, p. 27).
The common challenge to inventors nowadays is their disability to distinguish between a business idea and a business invention. In business, an idea involves identifying a problem while invention is the technique which entails offering a solution to a problem that has been singled out. This therefore implies that inventions are patentable while ideas on the other hand, cannot be patented (Reese, 2011, p. 40).
One can only be able to sell an idea to people only after he or she has transformed the idea into an invention. There are several steps that are followed in the attempt to change an idea into an invention. These steps include, documenting the idea, looking for market, making initial enquires abou...
... middle of paper ...
...ngs between the participants as far as government policies are concerned. This can eventually ruin the overall innovation development (Trott, 2008, p. 496).
Axelrod, A. (2008). Edison on innovation: 102 lessons in creativity for business and beyond. San Francisco, CA: Jossey-Bass.
Mothes, A. (2006). Leading innovation: How can leaders improve companies’ ability to generate innovations? New York, NY: Grin Verlag.
Needle, D. (2010). Business in context: An introduction to business and its environment. Andover, MA: South-Western Cengage Learning.
Reese, H. (2011). How to license you million dollar idea. Hoboken, NJ: John Wiley & Sons.
Stim, R. (2010). Profit from your idea: How to make smart licensing deals. Berkeley, CA: Nolo.
Trott, P. (2008). Innovation management and new product development. New York, NY: Financial Times Prentice Hall.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Despite originating more than two centuries and half a world apart, the steam engine and the Internet followed similar paths throughout their conception, development, and execution. In 1712, the first successful steam engine was built; it was bulky, inefficient, and partially hand operated. Two hundred fifty-three years later, the first major network connection was made, using slow, dedicated phone lines to carry information across the country from expensive, complicated computers in Massachusetts to their counterparts in California.... [tags: Innovation ]
1269 words (3.6 pages)
- If people are the same, can the creation of new inventions come into existence. How can society and individuals improve if there are no differences. In fact, innovation comes from the mind, but the uniqueness of people has led to these creations. Ever since the first incandescent lightbulb to the present age of rockets and computers, these inventions have helped society progress forward into a new era of life. However, how can people comprehend that a single person has created a complex innovation.... [tags: Invention, Creativity, Problem solving, Innovation]
1240 words (3.5 pages)
- Scientific and technological progress is one of the most important and far reaching of humanity’s effort streams throughout history. One of the hallmarks of any great society is what new or improved knowledge of the world and how it works that the society can contribute. A strong and vibrant culture celebrates the spirit of invention and innovation. Closely allied with this concept is the spirit of entrepreneurship, considered one of the greatest qualities of the American culture. Americans laud the success of the inventor and salesman alike; while the greatest self-promoters are more fully remembered, the greatest minds are never truly forgotten.... [tags: Innovation ]
1665 words (4.8 pages)
- Throughout the history of mankind, technology has been the engine of all social progress. People have made inventions that revolutionized our way of living and thinking. There have been over half of a billion patents given out throughout the World of which more than million patents were granted to Canadian inventors. Nevertheless, the National Science Literacy Survey revealed that two thirds of Canadians are not able to name even one Canadian inventor or any Canadian accomplishments. Throughout the past century and into the next millennium, the range of Canadian inventions is a reflection of Canada’s ingenuity, and innovating and inventing is one of the reason why Canada is on par with coun... [tags: Canada, Inventions,]
2148 words (6.1 pages)
- Organizational Impact Paper Introduction Organizations determine their structure by the various goals the organization wants to achieve; however, organizational structure can facilitate or deter the organizations advancement with regard to the accomplishment of these goals. Both small and larger organizations can attain increased sales and added profits in appropriately matching their structure with their needs to function. The three organizational structure types are, functional, divisional and matrix.... [tags: UPS, bank of america, transportation]
1181 words (3.4 pages)
- Introduction New technological advancement has led to the emergence of many innovations in the field of business. Most often, individuals or groups coming up with these ideas and innovations do not have enough funding of their projects and businesses. Such situations drive them to search for better lending and funding bodies to accomplish the set objectives. They may acquire funding through bank loans, family members, partnership, business, venture capital firms and grants and other funding bodies.... [tags: innovations, business field, technology]
2036 words (5.8 pages)
- Innovation is coming up with a new idea and turning it into an effective process, a new product or service. The implementation of creativity and innovation in business is likely to incorporate success and help you stand competitiveness in the market. Innovation can be referred to as something new or introduced differently and has impact on market or society. Organizations need development first to keep presence in the market, and second to be competitive. There are a lot reasons why you need innovation in your business.... [tags: Innovation, Creativity, Research, Invention]
704 words (2 pages)
- In addition to invention process, innovation is an important process for countries to level up their technology capacity. Innovation process is more complex and more organized compare to invention due to the fact that invention may accidently take place. On the contrary, innovation should be planned and needs more effort to enhance technology and research which are important to increase innovative activities in countries. Fagerberg pointed out that innovation is helpful for low- income countries to catch up high income countries.... [tags: Innovation, Invention, Technology, Economics]
868 words (2.5 pages)
- There is no question in my mind that with appropriate management, we can improve the levels of innovation and creativity within organizations. There is no magic here. Innovative people are no more ‘born’ than Olympic gold medallists or virtuoso musicians. Yes, some of us are gifted with more initial aptitude, but as music and sports show, the ‘natural’ or the ‘child prodigy’ frequently does not graduate to the top level. Hard, focused and appropriately- directed work trumps natural talent in virtually every case.... [tags: Business Management]
1647 words (4.7 pages)
- GENERAL PROBLEM STATEMENT Can Proctor and Gamble survive and prosper by reinventing existing products in environment that requires new innovations. And will P&G be able to meet their target of 50% of the market share in each segment. ANALYSIS General Environment Which of the general environment segments are most relevant to the consumer products industry. What are the main opportunities and threats affecting the company. Demographics— Proctor and Gamble is one of the largest consumer product companies in the world.... [tags: Business]
1509 words (4.3 pages)