Intellectual Property Intellectual Property Intellectual Property Entrepreneur and

Intellectual Property

Intellectual Property • • Intellectual Property Entrepreneur and Intrapreneur Invention and Innovation Design and Development Intellectual Property Patent Licensing and Royalties Business Plans

Intellectual Property Something produced by the mind, of which the ownership or right to use may be legally protected. ©i. Stockphoto. com

Entrepreneur and Intrapreneur Entrepreneur: A person who organizes and manages a business undertaking, assuming the risk for the sake of the profit. Intrapreneur: A person in a corporation who is given the freedom and resources to initiate products, business ventures, etc.

Invention and Innovation Invention: A new device, method, or process developed from study and experimentation. Innovation: An improvement of an existing technological product, system, or method of doing something.

Design and Development Intellectual Property Patents Utility Patents Useful Novel Not Obvious Design Patents Ornamental Design Plant Patents Trademarks New Plant Word Symbol Color Copyright Trade Secrets Original Work of Expression Proprietary and Useful

Patent: A grant made by a government that confers upon the creator of an invention the sole right to make, use, and sell that invention for a set period of time. • A patent must be – Useful – Novel – Nonobvious Provisional Patent: A less expensive and detailed application that allows one year’s protection to provide time to further investigate or pursue licensing before filing a regular patent application.

Licensing and Royalties Licensing: The granting of permission to use intellectual property rights, such as trademarks, patents, or technology, under defined conditions. Royalties: A share of the proceeds or product paid to the owner of a right, as a patent, for permission to use it or operate under it.

Intellectual Property Copyright ©: Exclusive legal right to reproduce, publish, sell, or distribute the matter and form of something (as a literary, musical, or artistic work). Trademark: A symbol, design, word, letter, etc. used by a manufacturer or dealer to distinguish a product or products from those of competitors. − The ™ symbol indicates that the trademark has not been federally registered. After federal registration the ® symbol is used. Trade Secret: Something (as a formula) which has economic value to a business because it is not generally known or easily discoverable by observation and for which efforts have been made to maintain secrecy.

Business Plans If you wish to start a business based upon an invention or innovation and need investors, you must create a business plan. Business Plan: A presentation that tells about your product, the market for it, and how you plan to use investment money. – Many people create and sell their own product in a limited form to prove its worth in the marketplace before entering agreements or asking for investment. You may not need a business plan to sell a limited number of products, but you WILL if you are asking for money or resources.

Intellectual Property • • Intellectual Property Entrepreneur and Intrapreneur Invention and Innovation Design and Development Intellectual Property Patent Licensing and Royalties Business Plans

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