inventions and innovations Business

What is the one ultimate question that entrepreneurs want the answer to?

"is my venture feasible?"

What are some places/events/actions that may help bring together idea people with marketing people and help them potentially form a partnership?

- venture capital trade fairs - advertisements through national newspapers or magazines - the internet

Name three Canadian inventions

BlackBerry the basketball insulin

What are some sources in which people can learn marketing or technical skills from?

courses texts websites [the internet] magazines community colleges

What is licensing?

When an inventor allows another business to use his or her invention for a fee or royalty. the inventor is not responsible for manufacturing or distributing the product, they simply sells those right to someone else.

At what point does an idea-driven enterprise run into problems?

When they are not able to tell for sure if there's market or a sufficient demand for the product that they are trying to sell

At what point does a market-driven enterprise run into problems?

When through their research, they have found a need for a certain product but are unable to develop and design the product themselves due to a lack of knowledge [about woodwork, inventing] Therefore, they have a great market, but no idea how to tap into it.

What are some ways in which entrepreneurs can use innovation to gain a business advantage? [The different types of innovations.]

[by changing the way a product is] used packaged marketed distributed designed manufactured

What are venture capital markets?

a market that brings together inventors and financial investors who are interested in developing new ideas

What is the difference between a patent and a copyright?

a patent is for physical inventions while copyrights mostly pertains to art, music, literature, design etc.

What is an invention?

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

What is an idea-driven enterprise?

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

what is a feasible venture?

a venture that has the potential to succeed. (there is both an idea and a market for the product)

What is 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.

What is a franchise agreement?

an arrangement for one business to license the rights to its name and procedures to another business or person.

What is a trade show?

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

What is one of the easiest ways for an inventor to capitalize on his or her invention/innovation?

by licensing it

What are some alternatives for people who may not want to learn marketing skills themselves but will need help with marketing their ideas?

hire a marketing consultant [through] advertising firms research companies consulting firms

What are some alternatives for people who may not want to do the technical work themselves but will need help to design a suitable product?

hire someone else to do it [such as] drafting firms industrial design companies technical consultants

A venture is only feasible when..?

it solves a problem or satisfies a need or want

What are the categories that every new venture fits into?

manufacturing importing wholesaling retail sales service (other than retail)

What are two things entrepreneurs could do to investigate the market for a new business?

segment the current market create a product or service map

What is a copyright?

the exclusive right to publish, produce, sell or distribute an original work of literature, art, music, software, design etc.

What is a patent?

the registration of an inventor's legal right of ownership of their invention for a certain period of time. prevents others from using the invention without permission.

What is a licensing agreement?

the right to create an innovative product through the use [and license] of an idea, image, or name.

If an inventor is prepared to completely give up control of their invention of a related business, what can they do?

they may decide to sell the patent or copyright of their invention/business to someone else

The smaller the [market] segmentation, the easier it is to do what?

to determine what is available in a particular market.

What is the riskiest thing for an inventor to do?

to manufacture the product that result from his or her invention. because this process usually requires a large amount of capital and expertise that many inventors do not possess.

What is an innovation?

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

How is a market-driven enterprise developed?

when market-driven entrepreneurs look for a customer base and then develop a product those customers indicate that they need and want