Reference no: EM133503757

It's fun to think that your 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 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, created leaf bags with pumpkins, 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 smartphones and tablets...I used one today at a local baseball field...now the ordinary person has access to previous barriers to entry into the business.

1. Define your understanding of innovation vs. Invention. Provide an example.

2. List an innovation or invention you'd like to pursue and include how technology can make your idea successful. 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.

3. Discuss a female inventor or innovator, their achievements, and why you admire them.