Invention, Innovation & Creativity. Where do you find new ideas? Newspapers, Magazines & Publications Trends, Goods/services that appeal to people.

Invention, Innovation Invention, Innovation & Creativity& Creativity

Where do you find new Where do you find new ideas?ideas?

Newspapers, Magazines & PublicationsNewspapers, Magazines & Publications Trends, Trends, Goods/services that appeal to peopleGoods/services that appeal to people Businesses for saleBusinesses for sale

Trade ShowsTrade Shows Manufacturers/distributors display their newest Manufacturers/distributors display their newest

productsproducts

Discovery/ObservationDiscovery/Observation In the process of doing/using a product or service In the process of doing/using a product or service

you may see an idea for improvement.you may see an idea for improvement.

Observation TestObservation Test #1 #1

►How well do you pay attention to How well do you pay attention to details?details?

►Do you have selective attention?Do you have selective attention?

Observation Test #2Observation Test #2

►Look at the following pictures for 1 Look at the following pictures for 1 minute then try to recall all of them minute then try to recall all of them when they are taken away.when they are taken away.

There were 27!There were 27!

How many did you get?How many did you get?

What is an Invention?What is an Invention?

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

Types of Types of Invention/Innovation?Invention/Innovation?

An Idea-driven EnterpriseAn Idea-driven Enterprise

One that you create as a result of an One that you create as a result of an invention or innovationinvention or innovation

A Market-driven EnterpriseA Market-driven Enterprise

Market driven entrepreneurs look for a Market driven entrepreneurs look for a customer base and then develop a customer base and then develop a product those customers say they product those customers say they want or need.want or need.

What is Innovation?What is Innovation?

►Using new technology, materials or Using new technology, materials or processes to improve existing processes to improve existing products, how they are produced and products, how they are produced and distributed.distributed. Change how a product is usedChange how a product is used Change the package or designChange the package or design Change the marketing strategyChange the marketing strategy Change the manufacturing processChange the manufacturing process Change the distribution processChange the distribution process

Not all good ideas are good Not all good ideas are good ventures!ventures!

►Not all ideas will work as a business.Not all ideas will work as a business.

Feasibility-Feasibility- Is it something that can be Is it something that can be done?done?

MarketabilityMarketability- Will it be something - Will it be something people will want? Will it sell?people will want? Will it sell?

ProfitabilityProfitability- Will it make money?- Will it make money?

Wacky PatentsWacky Patents

Go online to Go online to http://http://www.patentlysilly.com/archives.phpwww.patentlysilly.com/archives.php

Select a patent ideaSelect a patent idea Evaluate based on Marketability, Evaluate based on Marketability,

Feasability and Profitability.Feasability and Profitability. How could this idea be altered to make it How could this idea be altered to make it

a better venture idea?a better venture idea?

Protecting your InventionsProtecting your Inventions

PATENTSPATENTS►Gives the holder sole right to make, use or Gives the holder sole right to make, use or

sell an invention for a set period of time. (20 sell an invention for a set period of time. (20 years in Canada)years in Canada)

COPYRIGHTSCOPYRIGHTS►Gives someone the exclusive right to Gives someone the exclusive right to

publish, produce, sell, or distribute works of publish, produce, sell, or distribute works of literature, music, art, and software (tliterature, music, art, and software (the life he life of the author plus 50 years from the end of of the author plus 50 years from the end of the calendar year of death).the calendar year of death).

More Protection for your More Protection for your IdeasIdeas

TrademarksTrademarks► A mark used by a person or business for the A mark used by a person or business for the

purpose of distinguishing their goods or services purpose of distinguishing their goods or services from other people’s goods and services. from other people’s goods and services.

Trade SecretsTrade Secrets► A trade secret is a piece of information – a code, A trade secret is a piece of information – a code,

a formula, a device or a piece of news – that a formula, a device or a piece of news – that derives economic value from being confidential. derives economic value from being confidential. 

► trade secret gives you exclusive rights for as trade secret gives you exclusive rights for as long as you can keep it a secret long as you can keep it a secret

More Protection for your More Protection for your IdeasIdeas

LICENSING AGREEMENTSLICENSING AGREEMENTS► Inventor allows another business to Inventor allows another business to

use his/her invention for a feeuse his/her invention for a fee

ROYALTYROYALTY►A fixed amount or percentage of total A fixed amount or percentage of total

sales that the user pays the patent or sales that the user pays the patent or copyright owner for use.copyright owner for use.