Topic 1

Invention vs Innovation
Invention: creation of a product or process for the first time

: new market invention

Innovation: placing a product or process into a new context

: integrated immediately
Types of Innovation
4P’s innovation
Product Introduction of a good service that is new or has significantly
improved characteristics or intended uses. (Vanilla coke)
Process Implementation of a new or significantly improved production or
delivery method. (YouTube, Facebook)

Position Changes in how a specific product or process is perceived

symbolically and how they are used. Something exclusive.

Paradigm It concerns the change (sometimes radical) in the way something

is done in the organization. It could be anything. (Big Coin)
Innovation Process
There are 4 stages of innovation:

1. Research
• Observing the environment
• Data is collected, organized and summarized
• Problem solving

2. Ideation
• Generate ideas to respond to the challenges and problems being faced.
• There are 2 types which are divergence and convergence.

3.Experimentation
• Trying out ideas (prototypes) to make sure that they work.
• Feedback
• Trying out until the final solution to the problem is finally being identified

4. Marketing
• Converting what we learnt in experimentation (our final project) into business models.
• Innovation = inventing by marketing
Innovation Adoption and Diffusion
-diffusion=how tech diffuse through societies

-level of adoption

a. Knowledge of the idea

b. Persuasion by external sources like communication

c. Decision to reject/adopt

d. Implementation of the new idea-if theres an adoption

e. Confirmation of the adopt

● A. innovators – often seen as outsiders, geels, little influence, enthusiast
● B. early adopters – socially connected, highly influential
● C. early majority – seek for improvement, pragmatist
● D. late majority – seek for security, conservatives
● E. laggards – skeptics, might never embrace tech
Intellectual Property (Trademark, Copyright, Patent,
Design)
-legal way to protect things that we created

-encouraged innovation

Key features

1. trademarks- sign of origin of a product/service, instantly recognizable, represented

graphically, distinctive and not ne descriptive,

2. Copyright-automatic right, protects expression of idea (70 years) cc- can use without
permission but at certain percentage

3. Patents – protects inventions that are new, inventive and industrial application (process)

4. Design rights – protects what things look like, shape and appearance, automatic for 3
years if remained unregistered