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 ?
Located in Barcelona, Invent Farma develops, manufactures and markets generic drugs.
The next time you think "there must be a better way to do this," take that thought one step further and invent the new way.
Hyderabad (Telangana) [India], Feb 4 (ANI): Sai Teja, 22 year-old-man from Hyderabad who did not pursue his education after 10th grade invented a new smart system for vehicles to avoid road accidents by detecting driver's alcohol consumption.
PS33k prize fund is up for grabs in this year's Invent competition
The new Invent includes an advanced user interface and the inclusion of SimPulse thermal modeling software, as well as an automated sample stage.
It was a woman who invented the square-bottom paper bag that conveniently stands open to be filled with groceries.
Perhaps your paper would want to put an ad calling for people to invent the incinerator.
Wiest will adopt the newly created role of group CFO for both Invent Farma and neuraxpharm.
It is the sense of the Congress that converting the United States patent system from "first to invent" to a system of "first inventor to file" will improve the United States patent system and promote harmonization of the United States patent system with the patent systems commonly used in nearly all other countries throughout the world with whom the United States conducts trade and thereby promote greater international uniformity and certainty in the procedures used for securing the exclusive rights of inventors to their discoveries.
Invent's investment in Sanguine keeps with its strategy of building and investing in evolving and rapidly growing companies.
Cubify Invent combines the power of professional design software with intuitive, free tutorials that make learning fun and easy.
And he is tired of trying to convince people outside Ireland that neither he nor the Fr Ted team invented them.