This course has been focused on technology that transforms. Technology streamlines our business operations, speeds up innovations in supporting business strategies, and more. In this final paper, which is in four parts, we will make technology that transforms personal.
First, it’s fun to think that your own invention is a dream for you. You all have ideas. If that’s your dream, by all means pursue it!! For most of us, however, we will innovate; innovation can make us millions of dollars and have an impact, locally, nationally or even globally….or all of the above.
For example, every year millions of people bag their fall leaves. One person took the idea, and created leaf bags with pumpkins on them, and sold millions…it was an innovation. In another example, a friend of mine was tired of things moving around the back of his truck, so he developed a Lego-type adjustable grid system that can hold groceries in place, bikes, heck — you name it; his patent is complete and he’s working on marketing it now. In a final example, the “Square” was invented in an incubation center in St. Louis, MO…an easy way to process payments with credit cards by using your smart phones and tablets…I used one today at a local baseball field…now the common person has access to what was previously barriers to entry into business.
Using the resources and knowledge provided in this course, adding your own research, and including your own passion, the final assignment is to discuss the following three items in a short paper.
- 25 points. Define your understanding of innovation vs. Invention in a paragraph. Provide an example.
- 50 points. List an innovation or invention you’d like to pursue, and include how technology can make your idea a success. Up to 2 pages are recommended. Comment on how this innovation or invention supports your strategy, competitive advantage, profitability, and differentiation (i.e., how your innovation differentiates from the others). Highlight the terms strategy, profitability, competitive advantage and differentiation in yellow in your paper.
- 25 points. In a paragraph, discuss a female inventor or innovator, what they achieved, and why you admire them.