Inventions and Product Development

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Inventions and Product Development

• Chapter 7

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Using Creativity

• Creativity the ability to invent or make
  something using your imagination
• Creative people are not afraid to make mistakes
• Must be willing to explore new ideas and change
  old ones

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Entrepreneurs as Artists

• Artists create in response to an inner need to
  express themselves

Andy Warhols painted Campbell Soup Can.
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Entrepreneurs as Artists

• Entrepreneurs create something consumers will
  want to buy at a price that creates a profit

Henry Fords horseless carriage, or the
quadricycle
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Entrepreneurs as Artists

• Entrepreneurs are artists of the economy - they
  create businesses from ideas, visions, or dreams

Fred Smith Founder of Federal Express
Missy Elliot Grammy Winning Musician to Record
Company Owner
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Vertical Thinking vs. Lateral Thinking

• Edward de Bono coined the term Lateral Thinking

• Vertical Thinking stacking one idea on top of
  the next
• Problem with this encourages you to fit new
  information into patterns youve already learned

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Vertical Thinking vs. Lateral Thinking

• Lateral Thinking
• a way of thinking that looks for indirect
  approaches to a problem or obstacle

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Intelligence Can Be Improved

• Just as weightlifters increase muscle by lifting
  weights, you can increase your brain with mental
  exercise

Reading books, solving puzzles, playing musical
instruments, artwork, conversations about new
subjects, new hobbies
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Know Your Market

• Market a group of people who
• might buy a product or service
• What might they want to buy?
• What kind of service would save them time?
• Are there problems you could solve for them by
  creating a business?

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Daydreaming about Inventions

• Inventions a new creation that can be used for
  some practical purpose
• Patent protection giving the inventor exclusive
  rights to produce, use, and sell an invention for
  20 years after patent is filed

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Daydreaming about Inventions
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Product Development

• Step 1 Play with possibilities
• Step 2 Think of solutions to problems
• Step 3 Make a model of the product
• Step 4 Create a prototype
• Step 5 Do a reality check

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Diversity amongst Inventors

• African-American Inventors
• Thomas L. Jennings first African-American to
  receive a patent in 1821 for a dry-cleaning
  device
• Jan E. Matzeliger created an automatic
  shoe-stitching device in 1883 helped speed up
  process of making shoes and reduced the price of
  the average pair of shoes

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Diversity amongst Inventors

• Women Inventors
• Mary Kies first woman to receive a patent in 1809
  for a process for weaving straw with silk/cotton
  thread
• Bette Graham invented whiteout
• Anne Moore invented the Snugli, a pouch-like
  carrier to carry babies in

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Diversity amongst Inventors

• Hispanic-American Inventors
• Dr. Eloy Rodriguez invented medicines designed to
  fight viruses and cancers, which are made from
  tropical and desert plants

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Diversity amongst Inventors

• Anyone can invent something
• Usually inventions are in response to a problem
  or a way to make someones job easier
• Work with those around you, even if they dont
  look or think like you, to create new ideas!

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Inventions and Product Development

• Chapter 7