Schumpeterian rent

Schumpeterian rent is a kind of benefit that a company can get when it creates something new. It means that the company can charge more money for its product or service because it's different and unique- nobody else can do exactly what the company is doing. This type of rent is named after Joseph Schumpeter, an Austrian economist who wrote about this idea in the 1940s. To put it simply, Schumpeterian rent is when a company earns extra money because it created something special that others don't have.