1. Wednesday 20th November Mr Nicholls
Year 10 Business
Wednesday 20th November
Mr Nicholls

2. Objectives
To be able to state clearly the difference between invention and innovation.
To understand the steps that an entrepreneur can take to protect an idea.

3. To start with…
A man has to get a fox, a chicken, and a sack of corn across a river. He has a rowboat, and it can only carry him and one other thing at a time. If the fox and the chicken are left together, the fox will eat the chicken. If the chicken and the corn is left together, the chicken will eat the corn. How does the man do it?
Takes chicken to other side. Leaves fox and corn. Goes back empty and gets fox. Drops fox off and picks up chicken. goes back with chicken. Drops off chicken and picks up corn. Drops corn off with fox and goes back empty. Picks up chicken and joins fox and corn on far side.

4. Today…
Invention V Innovation – do we know what the difference is?

5. Invention V Innovation
Invention is about making new items, or finding new ways of making items. Innovation involves bringing this new idea to the market, that is, turning an invention into a product.
Why do you think this is something we need to know?

6. Invention V Innovation
Consider what we just looked at in relation to a SPECIFIC business organisation – why will they both be important?
Is one more important than the other? Why?

7. How can an entrepreneur protect their ideas and products?
A business can use the law to protect its business idea. For example, an entrepreneur can:
Register ownership of an invention or new process and be given a patent. This can stop rivals from copying the idea for a set number of years.
Sue for damages if others copy their work - copyright automatically arises for authors creating books, films, music or games.
Register a trademark. A trademark is a symbol or phrase that a company can register with the government to make their company distinctive.
A patent, copyright or trademark grants legal ownership and is only given for original work.

8. So – link back to enterprise…
What is enterprise?
Enterprise is a skill. Put simply, enterprise is the willingness of an individual or organisation to:
Take risks. Setting up a new business is risky. Even if the entrepreneur has carefully researched the market, there's always a chance that customers may reject the product and that a loss will be made.
Show initiative and 'make things happen'. Successful entrepreneurs have the drive, determination and energy to overcome hurdles and launch new businesses.
Undertake new ventures. An entrepreneur has to have the imagination to spot business opportunities that will fill gaps in the market.
How does this link to Invention and Innovation?

9. Your turn…
You’re an entrepreneur and you’ve come up with a spanking new product:
Your task is to prepare a pitch, selling your idea to potential investors and explaining why it’s going to be the next big success!
Remember – you need to show how enthusiastic you are about this product in your pitch!