Question

Define the advantages of Protection and Diffusion in Protecting Innovation inStrategies of Innovation.

Answer 1

Answer:

Innovation – Innovation means developing new ways / new options/ new ideas for betterment of the current processes and products. These innovations can be supported by having the right quality data which help for effective analysis and investigation. Innovation is the way of improvements in the organization and these improvements results in better, cheaper and faster results for the organization.

Protecting Innovation: This is define as to safeguard the innovation in such a way that it is being used by the innovator only and the innovator has all the legal rights and others do not use this innovation without the permission from the innovator. The innovator has all the rights to use the innovation or permit others to use the innovation carried out by him.

Diffusion of Innovation: The diffusion of innovation means to understand the spread of the innovation in the market or the rate of spreading of innovations like new ideas/concepts in the market with understanding the factors like why, how and what ideas are being spread in the market.

In the strategies of innovation, the protection of innovations has advantages for protection and diffusion are as below

• Retain and maintain innovation for business profit: The main advantage is that the innovation can me retain in control and can be maintained by the innovator and they can use it to generate the profit in their business.
• Innovator has legal rights on Innovation and explore commercially: The advantage of protecting innovation results in that the innovator will get the legal right for his innovation and he can plan to explore this innovation for his commercial purpose so that he can be benefited with his innovation.
• Innovator can diffuse as per his plan to get the benefit in the market: The diffusion can be carried out by the innovator as per his approach or plan of introduction in market. He can diffuse the innovation based on his market entry plan or need of the market for the innovations.
• Diffusion with market competiveness: The diffusion of innovation in market will bring the competitive advantage for the business. Thus the innovation diffusion will result in market competitive advantage.