Innovation and the Role of Product Development in a Successful Business
Innovation is often described as a new idea that is put into practice to improve a product or process. In today's competitive business environment, technological innovation is a principal determinant of success.
Managing innovation better than its competitors is one of the main objectives of a business that wishes to survive and thrive in today's economy. It begins with the formulation of an idea/concept and ends in the successful launching and marketing of a new or improved product in the marketplace.
There are two types of innovations: 1.) Fundamental innovations which produce new markets and create new products, and 2.) An improvement innovation which leads to an improved product in terms of quality, reliability, ease of use, etc.
Innovation is driven by creative thinking. Creative thinking should be used in all aspects of your product development process. The general goal of creative thinking is to be free of constraints and apply creativity to identify new opportunities. Challenge your product development team to come up with compelling and exciting new features and products in a fully integrated solution that will beat your competition.
How to protect your innovation through Intellectual Property
The term 'Intellectual Property' refers to unique, value-adding creations of the human intellect that results from human ingenuity, creativity and inventiveness. An IP right is thus a legal right. Such a legal right comes into existence only when the requirements of the relevant IP law are met.
Intellectual property rights provide the owner with the right to exclude all others from commercially benefiting from it. In other words, the legal rights prohibit all others from using the underlying IP asset for commercial purposes without the prior consent of the IP right holder. The different types of IP rights include trade secrets, utility models, patents, trademarks, industrial designs, layout designs of integrated circuits, copyright and related rights, etc.
Role of IP in Innovation
In most cases, innovative technological ideas require further technical development so as to make them successful in the marketplace. Small technology-based innovative enterprises may not have the technical resources and facilities to undertake such development. One example is for the development and testing of prototypes. The protection of such ideas by IP rights ensures that these are not "lost" while taking advantage of external technical resources and facilities.
Furthermore, in the future development of an invention/design and taking it to the market through partnerships (such as, joint ventures, strategic alliances, licensing agreements, merger or acquisition) the ownership of IP provides a strong negotiating position in the process of getting into such a partnership. Both parties would also avoid potential future conflicts if ownership of IP issues were resolved initially.
Having the right design expertise on your team can be the catalyst to protecting your IP both short and long term. Experience and expertise in mechanical engineering, electrical engineering, prototyping and full service product development will protect your IP, while providing high quality workmanship to meet your deadlines and budgets to launch your product timely.
Innovation is not the same as invention. Innovation is a process, which begins from the conception of an idea to the launching of a new product/process in the marketplace. Creativity plays an enormous role in the development of a new product or idea. Intellectual property rights can be used effectively to facilitate successful innovation.
MechoTech uses innovation, creativity and expertise to provide a full range of product development and engineering services, including design and development, mechanical and electrical engineering and fast prototyping to make your product launch a success. Contact Moe Sarraf at MechoTech at (949) 215-7270 today for a no cost consultation.