Communication gap this is when one department within a company has no idea what is happening at another department because of lack of communication. This can be detrimental for a business which was fully explained in chapter 9.
Competitor’s edge this can happen when a company is the sole manufacturer of a product and it has the edge over its competitors in the market. It can also happen if the company has superior manufacturing techniques and is able to mass produce a product, that it can corner the market by selling cheaper than its competitors.
Concept an idea that is explained on paper or spoken about verbally. A concept can be abstract on paper or it can be brought to life as a model or prototype. For example, the concept of wave theory can be explained on paper while a concept toy is physical and you can see and play with it.
Jargon the language of a certain class or profession, usually not understood by people outside their profession or circle. For example, the jargon used by pilots when communicating with air traffic control is completely different from the jargon used by tech gurus at Silicone Valley. Someone outside of these two classes would not understand what they are saying when they use acronyms, abbreviations and phrases.
Intellectual property property is not only something physical. Property also exists in intellectual form that is the creation of something on paper that came from the intelligence of an individual. For example, people are given intellectual property rights over the ideas and concepts that they created on paper, from their minds.
License permission given to a manufacturer to use someone’s patent to make the invention or product.
Market creation this is where new products are introduced to the public by marketing and advertisements. Marketing, advertisements and promotions are used to encourage the public to use the new products.
Non Confidential Disclosure this is a legally binding document that a company makes an inventor sign so that the submission remains confidential between both parties and no one else is allowed access to the submission.
Open innovation this is the process or policy whereby a company accepts patent pending or patented ideas for new or innovative products that are specific to their field of manufacture.
Patent this costs more than a patent pending, which can be done first if one does not want to get a patent pending status, or it must be applied for after the one year has expired when a person has a patent pending status.
Patent pending this is the protection someone gets for a year from the patenting office for his/her invention. After this year, there is no protection for the invention, so the individual needs to immediately file for a patent.
Postulate something that is assumed to be true by reasoning, but can only be true and fact after proof is given by evidence and experimentation.
Process a series of steps or stages to achieve an end product. For example, raw chicken and other raw materials are taken and these go through a series of stages before an end product is achieved. In this case the end product is the fried chicken.
Product this is something that is manufactured and offered at a price to the consumers.
Product development the steps taken from the initial idea to getting the product to the market. This involves putting the idea on paper, prototyping it, manufacturing it and marketing it.
Prototype this is a working model of the idea and schematics that were initially documented on paper. It is a physical model made for the testing stage of development. When the prototype passes all the tests and quality control, it is then produced and sold.
Refining this is the process of taking the jutted notes and sketches on you scrapbook and turning them into a well written document after editing and rewriting a number of times. A product or prototype also goes through the stages of refining from the initial model until it is improved a number of times and then a final product is available for use.
Royalty the sum of money paid to an inventor to use his patent.
Schematics any plans or designs to help you accomplish something. In this case it will be your ideas on paper with diagrams and explanations of the diagrams or steps of the processes involved.
Submission this is the document or invention that you send for a company. A submission can also be a business plan.
Theory a systematically organized group of general propositions used to analyze, predict or explain facts or events. For example, the theory of the electric car was conceptualist in the mind of man before it was brought to life as an actual product.