Invention and innovation

Invention

A product or process that does something that has never been done before

Idea Driven Enterprise

A venture that begins as a result of an invention or innovation

Market Venture Enterprise

A venture that begins with an idea about the marker rather than about a product

Feasible Venture

A venture that has the potential to succeed

Trademark

A word, symbol, or design, or a combination of these, used to distinguish one company's goods or services from others

Trade Show

An exhibition where a large number of manufacturers and distributors of a particular type of product show their goods

Market Segment

Any part of an overall market that has common characteristics

Venture Capital Markets

Bring inventors together with financial investors who are interested in developing new ideas

Copyright

Gives someone the exclusive right to publish, produce, sell, or distribute works of literature, music, art, and software

Patent

Gives the holder the sole right to make, use or sell an invention for a set period of time, preventing others from using it without permission

Licensing

The inventor allows another business to use his or her invention for a fee.

Innovation

Using new technology, materials, or processes to improve on existing products, or how they are produced and distributed

Royalty

aka the fee for using ones invention (see licensing above), can be either a fixed amount or a percentage of the total sales revenue that the user pays the patent or copyright owner

Product Mapping

an activity that allows the entrepreneur to visualize all the products or services that are available in a particular segment and to group them by specific features