Lesson ObjectivesTo know and understand what R&D is

To understand why businesses spend money on R&D to invent and innovate.

To know the difference between invention and innovation

Research and DevelopmentOften within a business one of the key areas

is the Research and Development (R&D) Department.

This department is concerned with coming up with new products (invention) or improving current ones (innovation).

Why invention & innovation is important?One of the biggest mistakes that a business

can make is to presume that their products will be successful forever.

Businesses must remain competitive by keeping their product range new and interesting.

Businesses can gain from “First Mover Advantage”

What is the difference between Invention & Innovation? Invention

Invention happens whensomeone comes up with anew technology, creatingsomething that hasn'tbeen done before.

Innovation

Innovation is when a new

technology or idea isdeveloped tomeet customer needs.

Invention or Innovation?

Protect with a Patent!A patent is a method of protecting an invention

againstcopying by other businesses.

Doing this will ensure first mover advantages.

Copyright applies to protecting intellectual products e.g.

JK Rowling has the sole right to distribute, publish and

adapt Harry Potter books and films.