Three Types Of Innovation. Here’s How To Manage Them
“Dreamers are mocked as impractical. The truth is they are the most practical, as their innovations lead to progress and a better way of life for all of us.” ― Robin S. Sharma
With a view of generating revenue immediately from new products, a firm should customize the process of product development for different kinds of innovations. For a company the biggest challenges aren’t in coming up with big ideas but in the organizational and management issues that these new ideas bring along.
No matter what a company is dealing in, companies strive to create innovative products and services adequately and accurately.
“Chance favors the connected mind.” ― Steven Johnson
For an individual to to bring new ideas to market, create more realistic testing and growth expectations and better manage their innovation pipelines, it is important to identify the types of innovations, needs and the correct approach to nurture and grow the type of innovation.
THE THREE TYPES OF INNOVATIONS
To prolong their stay in the market, companies need to come up with sustaining products and services. Sustaining innovations in products or services help any organization raise the bar enough to stay in the game. These innovations can sometimes be thought of as modification of an already existing product.
To significantly up the level of game within an existing category a company should come up with remarkable offerings. The product should be such that seeing it, customers couldn’t help but want it–over time making it the best-selling product.
“Progress is made by lazy men looking for easier ways to do things.” ― Robert A. Heinlein
When we think about an innovation, many of us have some sort of ideas in our mind. Such breakthrough ideas are called disruptive innovations because they disrupt the current market behavior, rendering existing solutions old-school, transforming values, and bringing previously marginal customers and companies into the center of attention.
The Social media could be considered a disruptive innovation within sports. More specifically, the social media has radically changed the way that news in sports circulates nowadays. Social media has created a new market for sports that was not around before in the sense that players and fans have instant access to information related to sports.
“In a world of change, the learners shall inherit the earth, while the learned shall find themselves perfectly suited for a world that no longer exists.” ― Eric Hoffer
To help explain the difference between these three types of innovations, let’s look at the coffee industry. Maxwell House came up with a dark roast version of coffee, it introduced a sustaining innovation. A new flavour was only a variation on their existing products.
A breakout innovation was General Foods’ line of International Coffees, which added connoisseur of fine flavors to the instant coffee category and elevated the at-home coffee experience. And Starbucks has obviously been a disruptive innovation, turning coffee into a destination experience worth paying a lot more for.
“Innovation is the specific instrument of entrepreneurship…the act that endows resources with a new capacity to create wealth.” ― Peter F. Drucker
In a given category, disruptive innovations come first and are then followed by a series of progressive innovations, with sporadic breakout hits interspersed. Eventually, the market is disrupted once again, starting the cycle anew.
Although disruptive innovations have the potential to yield the greatest benefit to a company, it is not necessary that it will lead to immediate market success. Because disruptive offerings differ significantly from the existing products, they often require time to gain market acceptance.
“You have to take your own bold approach, and if you do you will be rewarded with success. Or calamitous failure. That can happen too.” ― Steven Moffat
Analysis of revenue and consumer buying patterns:
Sustaining: Immediately moderate, then tapering off.
Breakout: Rapidly strong, then quickly dropping to a lower level.
Disruptive: Longer gestation period leading to exponential growth.
For disruptive undertakings, success typically requires different development processes,
different approval and funding mechanisms, and different performance expectations. At
times, work on a disruptive innovation gets stalled in a system that is optimized for the creation of sustaining offerings. For the success of a project a company should tailormade their approach depending on the goals.
“Innovation is an evolutionary process, so it’s not necessary to be radical all the time.” ― Marc Jacobs
To support the ultimate goal of generating immediate revenue, companies should classify each of its new product concepts within the framework of sustaining, breakout, or disruptive. This allows a company to manage risk and reward at a portfolio level.
Categorizing innovations using this framework is an effective way to ensure that target outcomes are in line with the expectations. Companies are able to focus their innovation efforts by clearly stating that they are prioritizing the development of breakout products and consciously minimizing the exploration of disruptive opportunities.
“Do not get obsolete like an old technology, keep innovating yourself.” ― Sukant Ratnakara
How do you Patent a Business Idea for a Fruitful Startup Business Strategy ?
Creativity is inventing, experimenting, growing, taking risks, breaking rules, making mistakes and having FUN. -Mary Lou Cook
How do you Patent a Business Idea for a Successful Business Venture?
An IDEA IS CONCEIVED by the genius mind to solve existing problem. The word “invention” is termed to the idea conceived at the ideation stage when the inventor is able to solve existing problem in the market. Problem can be personal or can be applicable to the large masses.
When a business entity like Fortune 100 company is able to resolve existing technology in the same domain the problem is UNIVERSAL and applicability is worldwide.
We as innovators and inventors are programmed to understand different patterns existing around us. CHANGE is EVERYWHERE and inevitable truth of LIFE. As an inventor or a startup we should realise the importance of protecting innovative ideas.
DO YOU have a GREAT IDEA for a SUCCESSFUL Business Venture?
So, if the ANSWER is YES…YOU have already taken the first step to protect your idea for a successful business !!
Now you must be wondering what if someone else comes up with something similar. BEST SOLUTION to such thoughts is to Patent a Business Idea.
Patent a Business Idea in India * Patent a Business Idea in USPTO
Technically, you can’t patent an idea for a business. For example, if you have a unique idea for an online store or a new chain of themed restaurants. However, you may be able to protect and patent a method of doing business and solving a problem– if it meets very specific patent criteria and patent requirements.
Ideas are valuable and throughout history innovative ideas have been copied or stolen by the third parties.
Instead of letting other business entity go away with your great INNOVATIVE IDEA and make a fortune $$$$$$, you as an inventor or innovator should protect your idea by filing a patent.
Patent a Business Idea
Technically ideas themselves cannot be patented. When you take an idea and with intangible force turn the idea into an invention or process (PROTOTYPE is ready) that meets specific patent criteria and patent requirements. Irrespective whether the idea is small or big, the innovation can be protected by filing patents which is a form of intellectual property right. YES, IDEAS can be patented with the right intent and content will be prepared by our THINKING GEEKS at TCIS, India.
A patent can help you remain competitive in your for 20 years field and give you an edge on your business rivals.
According to YOUR invention / idea YOU can apply for a Utility patent or an Industrial Design patent
Utility patents in USPTO are granted to inventions that pertains to a new and useful process or useful improvements of a process, machine, article of manufacture or composition of matter.
Design patents are given for new and original designs for an article of manufacture. Under industrial design protection the ornamental looks of the article can be protected. The timeline for registration in India is nine months from the date of the industrial design filing in India.
FOR A SUCCESSFUL STARTUP BUSINESS VENTURE HAVE A PROPER INTELLECTUAL PROPERTY STRATEGY IN PLACE:
Patent a Business Idea
As an inventor, you can file a provisional patent application or a non-provisional patent application before the patent office in home country. As an innovator you can write provisional patent and file provisional patent application in a quick way to protect your invention if it is in the abstract / prototype stage.
The provisional patent application will establish an early patent filing date. But a patent will be issued only after a non-provisional application is filed for the same within an year of filing a provisional application with a complete set of patent claims.
UNIVERSAL INTELLECTUAL PROPERTY PATENT STRATEGY
YOUR invention “SHOULD ” be Novel, Non-Obvious and should have industrial technology application”
If your idea with proper elements fulfils all the patent requirements to apply for a patent, and there are no other previously filed patents claiming the same elements in the patent claims, then it’s time to apply for patent before the patent office.
Patent writing and patent filing work is intellectual in nature. Hire and select your patent attorney wisely. From a strategic business point it is advisable to seek legal counsel and patent advice before filing a patent and get patent professional involved for writing patent claims and file patent before the patent office.
Indian Patent filing & International Patent filing involves the following patenting steps:
Action Plan Strategy Step 1: Pen down your invention with as much detail as possible including drawings/ diagrams that explain the working or concept of invention.
Action Plan Strategy Step 2: Next step is to find out if the invention meets all the patentability step criteria for the country in which the patent application has to be filed.
Action Plan Strategy Step 3: Writing patent and drafting the provisional patent / non-provisional patent application with patents depending on the stage of your invention. If you are at the stage where you have complete information about your invention then you can directly go for complete specification.
Action Plan Strategy Step 4: Up on patent filing the complete patent specification along with application for patent, the patent application is published after 18 months of first patent filing date.
Action Plan Strategy Step 5: A patent request for examination is filed after which the patent application is examined by a patent examiner and the examiner issues a first examination report to the patent lawyer representing the patent client.
Action Plan Strategy Step 6: The inventor and patent professional create and send a response to the examination in order to clear all the objections of the patent examiner.
Action Plan Strategy Step 7: After all the patent objections are explained and the patent examiner is of the view that the patent can be granted for the invention a formal letter is issued to the patent inventor. The patent is granted by the patent office and is published in the patent journal.
ARE PATENT RIGHTS TERRITORIAL IN NATURE….THAT MEANS PATENTING IS JURISDICTION SPECIFIC !!
Patents are territorially restricted which means that they are “Jurisdiction specific”. FOR example patent for an innovation is filed in Singapore and not in INDIA.
ANY BUSINESS ENTITY IS FREE TO USE THE SAME PATENT TECHNOLOGY IN INDIA
For example if a patent is filed in India, it will provide IPR patent rights to the patentee in India only. Similarly if a patent is filed in US, America or any other country the exclusive IPR rights obtained through that patent will be restricted to that particular country only.
To get patent IPR protection in a given country like INDIA (BHARAT) YOU need to ultimately file for a patent for innovation in that specific country. Obtaining a single patent in each of the nearly 200 countries on earth could cost an estimated $1,000,000 for patent filing and patent issuance.
However, another $1,000,000 government fees to maintain the legal status of patent for its full term of 20 years from the date of first filing. That is beyond the budget allocation of funds. This is a BIG burden on independent GENIUS inventors worldwide to spend that much of money.
Even for most Fortune 100 corporations, especially when they consider that patents are applied to protect their intellectual research, having a proper worldwide patent strategy in place is need of the hour.
For proven commercial success of any technology a well defined worldwide patent strategy should be formulated by patent legal counsel. Prior to a product launching get your patent strategy.
Patent Cooperation Treaty (PCT) is an international IPR treaty which protects inventor’s invention simultaneously in multiple countries by filing a single international patent application.
However patent granting is under the control of the National or regional patent offices. Currently 152 members are the patent contracting states. Like the Common Application for colleges, PCT enables the inventor to file one international patent application that will be accepted by 152 countries throughout the world.
Procedure of filing a Patent Cooperation Treaty (PCT) application in India (BHARAT)
WHY FILE Patent Cooperation Treaty (PCT) application in India (BHARAT) ?
Patent Cooperation Treaty (PCT) is a simple, easy and cost-effective way to obtain patent protection. Patent Cooperation Treaty (PCT) patent filing in INDIA is better than Paris route patent filing. Via Patent Cooperation Treaty (PCT) patent filing route, the inventor can PROTECT multiple patent applications in multiple countries by buying time ( i.e. 28 – 31 months to file patents in one or more countries).
You can file PCT patent applications electronically online with any competent receiving offices which accepts such patent filings.
Patent cost and fees associated with patent filing and patent processing of an international patent application under PCT-
Three types of patent fees has to be paid by patent applicants when they file their international patent applications:
(a) an international patent filing fee of 1,330 Swiss francs,
(b) a patent search fee which can vary from approximately 150 to 2,000 Swiss francs depending on the ISA (International Searching Authority) selected, and
(c) a small transmittal fee which varies depending on the receiving Office.
Note: Some Countries are not members of PCT Patent Cooperation Treaty (PCT) patent application
PCT has been around since 1970 and indeed it covers 154 countries. But there are a lot of countries in the world and PCT does not work everywhere. Although it is possible to obtain patent protection in nearly every country in the world, the cost of doing so would likely be prohibitive. Inventors and potential patent holders typically seek protection in the countries with the most economic activity focusing on specific regions. For example, if an inventor is from India, he/she will seek protection in Asian countries first. For Bangladesh, Bhutan, Nepal, Pakistan, Afghanistan, Myanmar, Maldives patent protection through PCT is not available.
Paris Convention is available as an alternative to PCT for countries like Nepal, Pakistan, Bangladesh and Bhutan, in which you can directly file patent applications within 12 months in all the countries in which you would like to protect your invention having filed your patent application in a Paris Convention country. Paris Convention gives you the benefit in all those countries of claiming the filing date of the first application.
Paris Convention is available as an alternative to PCT for countries like Nepal, Pakistan, Bangladesh and Bhutan, in which you can directly file patent applications within 12 months in all the countries
For countries like Afghanistan, Myanmar and Maldives, no patent laws are in force and thus an inventor cannot get a patent in these countries.
What factors should be considered while selecting an International Search Authority (ISA)?
Once a Patent Cooperation Treaty (PCT) application is filed, an International Search Authority (ISA) performs a search of the prior art, and provides the results to the patent applicant in the form of an International Search Report (ISR) which is an important part of the PCT patent procedure.
Every Receiving Office allows patent applicants to choose one ISA and there are presently 15 ISAs. Most patent applicants worldwide prefer to choose is their local patent office, if it’s available as an ISA.
Patent applicant should always consider the advantages and disadvantages of all the ISAs before choosing one.
Cost – Cost is a critical parameter while choosing an International Search authority. When EPO is selected as ISA, for example, has a search fee of US$ 2,419 (as of early September 2013). The USPTO charges US$2,080. KIPO charges $1,167, whereas the Rospatent charges $217.
Quality- In an Intellectual Property (IP) trend survey it was found that European Patent Office has the best quality patent searches followed by Korean Patent Office and USPTO comes next on the quality scale. The quality of the patent report is important because the patent research report enables you to evaluate your chances of obtaining patents in PCT Contracting States and it will assist you in the further processing of your patent application.
Speed- Every International Search authority (ISA) takes its own time for carrying out prior art patent search and to prepare International Search Report (ISR). You might get lucky and get a really fast search, or you could be waiting a very long time indeed depending upon your choice of ISA 🙂