FA IBDP DT T5

What is the definition of Invention?

• The act of promoting an already existing product in the market.

• The process of copying an existing product and selling it under a different name.

• The act of creating a new design without any technical advancement.

• The process of discovering a principle which allows a technical advance in a particular field that results in a novel/new product.

What are the drivers for Invention/Motivation for Invention?

• Desire to follow trends

• Lack of creativity

• Desire to cause harm to competitors

• Scientific and/or technical curiosity

What is the main advantage of being a Lone Inventor?

• Having ideas that are completely new and different

• Having a large team for support

• Being well-funded by the organization

• Having no resistance from others

What is Intellectual Property (IP)?

• A term for government property.

• A legal term for intangible property such as inventions and designs that are used in a commercial setting.

• A term for physical property such as land and buildings.

• A term for personal belongings like clothes and accessories.

What are the benefits of IP?

• Differentiating a business from competitors

• Offering customers something old and common

• Having no value as an asset

• Providing an important revenue stream

What is the purpose of Patents?

• To give someone the right to make or sell a new invention for a certain number of years

• To promote the sharing of inventions for free

• To prevent any new inventions from being made.

• To restrict the production of new inventions

What is the concept of First to Market?

• When a company waits for others to introduce a new product first.

• When a company rushes to have its innovative idea or product on the market before anyone else.

• When a company never launches a new product.

• When a company copies existing products.

What is the reason for some patented inventions being shelved?

• Shelved technologies are always destroyed.

• Patented inventions are never shelved.

• All patented inventions are immediately successful in the market.

• Technology that is shelved for various reasons may be rediscovered or taken off the shelf.

What is the definition of Innovation?

• The act of hiding an invention from the market.

• The act of destroying an invention.

• The act of copying an existing product and selling it under a different name.

• The business of putting an invention in the marketplace and making it a success.

What are the reasons why inventions become innovations?

• Low market demand, Low financial support, Low marketing, Low need for the invention, High price, Low resistance to change, Low risk aversion

• High competition, High cost, High complexity, High resistance to change, High risk aversion

• Lack of creativity, Lack of market demand, Lack of financial support, Lack of marketing, Lack of need for the invention, Low price, Acceptance of change, Willingness to take risks

• Marketability, Financial support, Marketing, The need for the invention, Price, Resistance to change, Aversion to risk