Intellectual Property Essay Example | Topics and Well Written Essays - 2500 words

Intellectual Property - Essay Example The paper the looks at areas for opportunities to devise a new innovative customer-focus service, how and where to search to devise and develop a new customer-focused service idea, and the new services development (NSD) process. The paper then looks at the potential risks and costs that will be determine by the successful development of new or modified services and the intellectual property issues. Finally, the paper makes a conclusion based on the discussions from the research conducted. There has been an increased attention on innovation which is the key to organizational growth and development. Most organizations today face increased competition because of the fast pace of improved technology, and the market external change that has pushed economic and organizational growth. Innovation has become a crucial part of organizations which has been driven by excellent labor force and advanced machinery. Therefore, innovation has become a powerful method of securing a competitive advantage and as a way of defending the strategic position. The research and development plays a crucial role in product and service innovation process. Innovation does not only apply to product or services, but also aims at improving the way people work, live, and play. Innovation has two aspects, which include radical and incremental innovations. Radical innovation refers to a total change in the way people think and use products or manufacture new products as compared to the way they did things before. This form of innovation aims at taking advantage of new technology, thus, creating new opportunities. On the other hand, incremental innovation is involves a day to day change in an organization in order to make sure that there is a continuous improvement in the productivity and quality of products and services through innovation. There are four types of innovation that includes the process