GMS 401 Lecture 4: GMS401 - Class 4 Lecture Notes

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 401
• Professor: Wally Whistance- Smith

Document Summary

Good money to be had in making products. Statistics say that 3% of all patents granted become commercially successful products: few items that are granted patents become commercially successful. Everyone has at least one good idea: the reason why is that you will not choose success over that one item is because people are scared to run with it, the failure to execute is overthinking. Have to move forward with the idea: only way to start something is to figure out something. Two ways of coming up with ideas: usability. Multifunctionalism focuses on the usage of things: convenience. Leveraging technology and talking to people are great ways to coming up with new ideas. A patent gives you the right to defend your intellectual property in the court of law. Concept of leverage: allows product lines to expand, allows more ideas to flow. We patent what we believe will be commercially viable.