Innovatio Innovation Case Study
INTRODUCTION
Intellectual Property plays an important role in facilitating process of taking innovative technology to the market place. Peter F. Drucker, the management consultant and author of “Innovation and Entrepreneurship stated that “…Because its purpose is to create a customer, business has two—and only two functions: Marketing and innovation. Marketing and innovation produce results, all the rest are costs."
So the question now is what is innovation? Generally put, an ‘innovation’ is developing a new idea and putting it into practice. Edward Kahn in his book stated that innovation is inherently unstructured, unpredictable, and risky. Nearly 50% of enterprise research and development (R&D) budgets are wasted, and in the United States this equates to approximately $100 billion a year invested failed innovations . …show more content…
Not all inventions are commercialized, so it is clear that not all inventions result in innovation. Many new ideas are born but “most die a lonely death, never seeing the light of commercial success.” As is the case with inventions, so trade secrets, utility models/petty patents and patents are relevant for protecting, managing, exploiting and leveraging innovations. Economic studies have revealed that patents are the preferred IP right sought for the protection of technological innovations. This seems to reflect the use of the terms ‘innovation’ and ‘invention’ as synonyms .
Consequently, it is important for us to measure the innovation. Why it is important is because innovation is a key to the growth of output and productivity. Further, the relationship between innovation and economic development is widely acknowledged. The innovation data is also important to better understand innovation and its relation to economic growth and to provide indicators for benchmarking national
Intellectual Property plays an important role in facilitating process of taking innovative technology to the market place. Peter F. Drucker, the management consultant and author of “Innovation and Entrepreneurship stated that “…Because its purpose is to create a customer, business has two—and only two functions: Marketing and innovation. Marketing and innovation produce results, all the rest are costs."
So the question now is what is innovation? Generally put, an ‘innovation’ is developing a new idea and putting it into practice. Edward Kahn in his book stated that innovation is inherently unstructured, unpredictable, and risky. Nearly 50% of enterprise research and development (R&D) budgets are wasted, and in the United States this equates to approximately $100 billion a year invested failed innovations . …show more content…
Not all inventions are commercialized, so it is clear that not all inventions result in innovation. Many new ideas are born but “most die a lonely death, never seeing the light of commercial success.” As is the case with inventions, so trade secrets, utility models/petty patents and patents are relevant for protecting, managing, exploiting and leveraging innovations. Economic studies have revealed that patents are the preferred IP right sought for the protection of technological innovations. This seems to reflect the use of the terms ‘innovation’ and ‘invention’ as synonyms .
Consequently, it is important for us to measure the innovation. Why it is important is because innovation is a key to the growth of output and productivity. Further, the relationship between innovation and economic development is widely acknowledged. The innovation data is also important to better understand innovation and its relation to economic growth and to provide indicators for benchmarking national