What is research and development (R&D)?
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What is research and development (R&D)?
Research and Development (R&D) is scientific and technological research to identify new materials, innovate new products and improve processes.
Define the term prototype.
A prototype is an early sample or release of a product built to test a concept or process.
True or False?
R&D guarantees commercial success.
False.
R&D spending does not guarantee commercial success. Effective marketing, distribution, and quality also play important roles.
Define the term first mover advantage.
First mover advantage is the competitive edge gained by being the first to enter a market or implement a new technology.
Define the term intellectual property.
Intellectual property refers to creations of the mind, such as:
Inventions
Literary and artistic works
Designs
Symbols, names and images
What is an intangible asset?
An intangible asset is a non-physical asset that has value, such as patents, trademarks or copyrights.
What are product trials?
Product trials are tests conducted to evaluate the performance, safety and interest in a new or improved product before its full-scale launch.
What is meant by the term innovation?
Innovation is the process of bringing new products to customers and developing new processes that can lead to greater business efficiency.
What is the role of innovation in economic growth?
Innovation plays a vital role in economic growth by driving productivity improvements and creating new industries.
True or False?
Innovation only occurs in the technology sector.
False.
Innovation can occur in any sector, from agriculture to healthcare to manufacturing.
What is disruptive innovation?
Disruptive innovation is the development of a changed or entirely new product which disrupts the existing market e.g. artificial intelligence.
What is incremental innovation?
Incremental innovation is the gradual, small-scale improvement of products, services, or processes over time.
Define the term competitive advantage.
Competitive advantage is a factor that puts a company in a favourable or superior business position, ahead of its competitors.
True or False?
Innovation requires significant financial investment.
False.
While some innovations require substantial investment, others can be achieved through creative thinking and process improvements with minimal finance.
What are intellectual property rights?
Intellectual property rights legally protect inventions, creative works and some specialised processes from being copied.
True or False?
Patents need to be registered to be valid.
True.
Patents need to be registered with the government patent office to be valid.
Define the term copyright.
Copyright protects written works from being copied without permission.
True or False?
Copyright protection begins automatically when a work is created.
True.
Copyright protection begins automatically when a piece of work is created.
What is a trademark?
A trademark is a distinctive sign or symbol that is used to distinguish between brands.
True or False?
Trademarks can include sounds and colours.
True.
Trademarks can include words, names, logos, symbols, slogans, and even colours or sounds.
What does the ® symbol indicate?
The ® symbol indicates a registered trademark.
True or False?
All intellectual property disputes must be settled in court.
False.
Many businesses prefer to settle intellectual property rights disputes out of court to avoid significant court costs.
What is a cease and desist agreement?
A cease and desist agreement is an arrangement where a party agrees to stop using designs, processes, or trademarks that infringe on another's intellectual property rights.
True or False?
Patents provide inventors with a permanent legal monopoly.
False.
Patents provide inventors with a legal monopoly for a limited time.