Invention & innovation

Invention & Innovation

Invention & innovation

Invention has been an outstanding importance in the development of our economy as it is today. Invention defines the competition between companies and makes the market a battlefield for better products. An example would be in the airline business, some airlines provide larger seats or larger personal tv screens while on the other hand a recent popularity and is starting to be  wanted from an airline is internet connection. Lately a Swedish airline provides free internet to all passengers, they explain this would attract more passengers as it makes them stand out fro others which is one of the most important rules in a business. To stand out from others. Innovation puts ideas in context and how the ideas are able to be put into reality.

Definition of patent, copyright and trademark

·         Patent; A patent is an expensive document which protects all your new and innovative, intellectual property but only for a while.

·         Copyright; Is a protection against your idea which has to be new and not done before. This allows other companies not to mimic your idea.

·         Trademark; To protect a specific idea for example the noise an iphone makes when a message comes in.

An example of a trademark was the case of Apple wanting to buyout the name Ping from the company Ping. Ping thinks this is a good opportunity to get a flow in of cash by allowing apple to use the name Ping for its new music based social network which they hope will take over my space.