From Ideas to Reality “The seeds of great discoveries are constantly floating around, but they only take root in minds well prepared to receive them.” ~~ Joseph Henry

Creativity and Innovation CreativityInnovation Developing a new ideaApplying creative solutions to problems ThinkingDoing

 Areas of Entrepreneurial Innovation  Generating New Ideas  Past Experience  Other Industries  Employee Involvement Creativity and Innovation

Creative Thinking Left Brain vs Right Brain How to become more creative?

Ideation Techniques Brainstorming  Little structure  Quantity of Ideas  Requires open, uninhibited atmosphere  Small, Diverse groups  Offsite  Documenter

Intellectual Property  Patents  Trade Marks  Copyrights

Intellectual Property Patents  Exclusive rights for 20 years  Non-renewable  To be patented, the device must be: New Not obvious Useful Not publicized or sold prior to patent application  Cost between $5K - $20K  Takes 2 ½ years

Intellectual Property Trade Marks  Logos, names, phrases, etc. that distinguishes your product from others in the marketplace  Lasts indefinitely with continued use  ™ vs ®  Cost between $1K - $2K  Takes about 1 year

Intellectual Property Copyrights  Original authorship of books, movies, software, etc.  Lasts the life of the author plus 70 years  Cost about $30  Takes about 2 weeks

Group Exercise