invention


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invention

see RESEARCH AND DEVELOPMENT.

invention

the creation of new production techniques and processes and new products that can be developed into usable processes and products through INNOVATION. Invention is an important means for a firm to improve its competitive position over rival suppliers by enabling it to lower supply costs and prices to consumers and to provide consumers with improved products. These benefits also improve overall MARKET PERFORMANCE. Certain kinds of MARKET STRUCTURE may be more conducive to invention insofar as they offer better incentives and resources for undertaking RESEARCH AND DEVELOPMENT (see MONOPOLY for further discussion).

In a more general way, invention can add to the growth of national income and output (see ECONOMIC GROWTH) by the qualitative improvement of a country's CAPITAL STOCK as investment in new technologies improves PRODUCTIVITY. See TECHNOLOGICAL PROGRESSIVENESS, PATENT.

References in periodicals archive ?
The first step in protecting your invention is determining into which type(s) of intellectual property it falls.
His Highness listened to the inventor details about all of her major inventions in the past.
Martyr Issa's most distinguished inventions include turning the brain of a chicken into a memory unit that equals over 3000 CDs and another invention on translating the senses of chicken such as hunger, thirst and illness into readable data.
In most chapters there is a hilarious section called 'Never got off the Drawing Board' not just funny, but full of wild flights of fancy and the spirit of invention.
As well as protecting your invention, a patent can also generate more revenue for a business, as the holder of the patent is the sole owner of the invention.
Before making a commitment to any invention promotion firm, inventors should ask for references from current clients and check out the firm's reputation.
I never perfected an invention that I did not think about in terms of the service it might give others .
Lienhard looks at the notion of invention and human creativity as a cultural phenomenon.
Franklin also made countless other discoveries and inventions.
avoided granting any patent if the invention utilized a calculation made by a computer.
He was famous throughout Europe and America for his experiments with electricity and his invention of the lightning rod.
A patent is essentially an agreement between the government and an inventor where the government gives the inventor certain rights to his invention for a specified period of time and in return, the inventor gives the government a disclosure of the invention.