The Use of Patents in New Innovations and Inventions
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WRITING GUIDELINES:
• The length of this paper should be between 5-8 pages (not including the title page, table of contents, reference page and Appendices page)
• APA style formatting (7th edition), double spaced, with 1-inch margins and 12 point Times New Roman font.
• The paper must have an EXECUTIVE SUMMARY (including THESIS statement), INTRODUCTION and CONCLUSION paragraphs.
• Please include TITLE PAGE, TABLE OF CONTENTS PAGE, REFERENCE PAGE, and any APPENDICES.
• Please submit in a word document and NOT pdf version.
• Please use HEADINGS AND SUBHEADINGS to organize your paper.
• Use at least 8 academic, library trade publications, scholarly or professional practitioner sources, and minimum 10 in-text CITATIONS are required.
• You must cite and reference all texts used, including page numbers as applicable to avoid plagiarism.
• Please provide verifiable links/web address for each academic reference used.
• Paper should be proofread for spelling and grammar mistakes
• Write your paper in an integrated fashion, weaving theory and application. In other words, do not merely respond to each bullet above as a checklist.
The Use of Patents in New Innovations and Inventions
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Executive Summary
- The paper analyses the existing gap between scholars and practitioners based on a case evaluation of patents in new inventions. There are different perspectives on how each side perceives this action based on the practices and beliefs they hold.
- Moreover, the paper further analyzes the scholarly and practitioner approaches based on this study by outlining the differences between what is written in research and what happens in the actual practice.
- This analysis goes further to evaluate the innovation theory by Schumpeter and how innovation based on both the development of new products and improvement of the new products is essential for entrepreneurs and people who have passion in this field.
Table of Contents
Executive Summary. 2
Introduction. 3
Scholarly Approach to the Use of Patents in New Inventions and Innovations. 4
Practitioners Approach the Use of Patents in Inventions and Innovations. 4
Economic Theories of Entrepreneurship concerning the Use of Patents in Innovations. 5
Scholar-Practitioner model that can be applied in this case. 6
Gaps between Scholars and Practitioners and How They Can Be Closed. 7
Conclusion. 8
References. 10
Appendix. 12
Introduction
In the contemporary world, innovations and inventions are some of the best aspects of a business. Generally, enterprises can develop four types of innovations: radical, architectural, disruptive, and incremental (Roegman & Woulfin, 2019). Radical innovations are characterized by creating revolutionary technology and developing new industries. Alternatively, disruptive innovations typically entail applying new processes and technologies to current market companies. Under architectural innovations, the inventions encompass incorporating the skills, lessons, and overall technology in a different market than the one pursued. Lastly, Disruptive innovations usually involve applying a new process or technology to the current markets that an organization works on. Although these different types of innovations are significant in introducing new technologies in the market, most companies have begun instituting patents in their innovations (Ramel et al., 2018). Although the filing of patents in one’s products is excellent, it can be noted to have a negative effect as it bars the continued innovations of the products. Therefore, this paper will analyze the patents in these innovations based on scholarly and practitioner approaches. The key focus will be to assess the gap between the scholarly and practitioner approaches to this subject.
Scholarly Approach to the Use of Patents in New Inventions and Innovations
Based on the existing knowledge regarding Patents, most scholars have outlined that instituting strong patent protection to newly developed products is a good move in innovations and inventions (Ahmadpoor & Jones, 2017). This is because their main focus is usually not on the advancement of the new product but the protection of the newly developed product from the people who might infringe on them. Although this belief is proper and plentiful, it also harms the continued innovation of the products. This is because patented products usually block other individuals from using, making, or distributing the new inventions without the patentee’s consent. In business, both practitioners and companies typically apply intellectual property rights using different types of patents. This helps to create a measure of the inventions by only encouraging the development of new products and not a buildup on the existing products.
Therefore, if a company plans to reinvent and re-innovate on an already developed product, they are typically required to pay a royalty to the inventor to use the product or risk facing legal suits in the process (Simón & Ferreiro, 2018). Thus, from a scholarly approach, patents are described as essential in business innovations, and inventions as the patents encourage people to develop new and original products. In addition, academicians usually term patents are as good in the latest creations as they typically give the developer a competitive edge over his competitors. Therefore, their idea of patents is mainly developed from a business perspective to safeguard the new technologies' original inventors.
Practitioners Approach the Use of Patents in Inventions and Innovations
From the practitioner’s point of view, instituting patents on innovations and inventions by companies typically slows down the development of new technologies and products. This is because practitioners can benefit a lot from the information they collect from the latest technologies developed by others to build up new products and technologies (Klein, 2020). For example, the practitioner's approach indicates that patents can lead to the hoarding of ideas in cases where companies fail to use them properly. Some companies might develop new ideas on how to improve their products and business, but they fail to work well on them, which makes the companies sit on the concept without actively using it. Due to this scenario, the practitioners usually hold onto the idea that hoarding of ideas and technology usually harms innovations than good.
Since practitioners are more responsible for using the knowledge and ideas that the scholars develop, there tend to be disagreements between the two, which can affect the innovation of new ideas. For example, the practitioners do not advocate for patents as they believe that it slows down the development of new inventions while the scholars hold on to a different perspective (Klein, 2020). Therefore, the practitioner's approach indicates that patents should be left open to encourage the developers to continue reinventing and innovating their technology. Such a move would likely drive the world into a better place as new technologies would make life easy for everyone. However, based on the existing research, there are different perspectives on why the use of patents by practitioners is limited.
Economic Theories of Entrepreneurship concerning the Use of Patents in Innovations
Entrepreneurship is denoted as developing, organizing, and operating a business by cruising through several risks to generate revenue. Under the economic theories of entrepreneurship, Schumpeter developed an Innovation theory (Mahto & McDowell, 2018). The innovation theory can also be categorized under classical economic