Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:


‘How-To’ Guide for Protecting Entrepreneurs’ Big Ideas

Successful entrepreneurs turn big ideas into successful business opportunities, but how should they protect those ideas? A new paper from North Carolina State University offers a “how-to” guide on intellectual property protection, laying out the options for budding entrepreneurs as they consider how to move forward.

“Entrepreneurs often come up with ideas that can be protected, and this article lays out the pros and cons of various intellectual-property protections,” says Dr. Stephen Schanz, a teaching associate professor of management, innovation and entrepreneurship at NC State and the author of the article. “Furthermore, the paper urges entrepreneurs to weigh the time, cost and effort involved in pursuing various intellectual-property protections.”

The three protections outlined in the paper are patents, trade secrets and copyrights. Patents apply to inventions and devices. Utility patents provide legal protection of the idea for 20 years, dating from when the patent application is filed. However, when the 20 years are up, the information becomes part of the public domain. Trade secrets also apply to inventions or devices, but are protected internally, meaning that there is very little in the way of public protection. The benefit is that the idea never enters the public domain, so it can remain secret in perpetuity – a good example of a trade secret is the formula for Coca-Cola. However, if anyone else figures it out, they can legally market it themselves.

The third type of protection is a copyright. Copyrights protect unique expressions, such as music, art or design. These elements can be a significant component of marketable products, such as the sounds and images associated with popular video games.

“Determining which protections best suit your needs is not a ‘one size fits all’ scenario,” Schanz says. “The options you may want to consider will vary over time.” For example, he says, “entrepreneurs in a young start-up company with limited capital and resources may want to go the trade secret route until they ascertain how it fits in their business plan. But, if they have determined that the idea is valuable, they should also take steps to ensure that – eventually – it can be patented.” Schanz explains that if an entrepreneur discusses the idea with outside parties who have not signed non-disclosure agreements, the idea may no longer be patentable – it will have entered public domain.

“If, over time, the start-up company has more resources available – and the concept is commercially viable – it may want to pursue a patent,” Schanz says. “The important thing is for the entrepreneur to weigh the risks and benefits of various options and make an informed decision. This paper should help entrepreneurs do that.”

The paper, “Entrepreneurial Options for Protecting Intellectual Property,” was published in the September issue of the Entrepreneurial Business Law Journal.

Matt Shipman | EurekAlert!
Further information:

More articles from Business and Finance:

nachricht Blockchain Set to Transform the Financial Services Market
28.09.2016 | HHL Leipzig Graduate School of Management

nachricht Paper or plastic?
08.07.2016 | University of Toronto

All articles from Business and Finance >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Novel light sources made of 2D materials

Physicists from the University of Würzburg have designed a light source that emits photon pairs. Two-photon sources are particularly well suited for tap-proof data encryption. The experiment's key ingredients: a semiconductor crystal and some sticky tape.

So-called monolayers are at the heart of the research activities. These "super materials" (as the prestigious science magazine "Nature" puts it) have been...

Im Focus: Etching Microstructures with Lasers

Ultrafast lasers have introduced new possibilities in engraving ultrafine structures, and scientists are now also investigating how to use them to etch microstructures into thin glass. There are possible applications in analytics (lab on a chip) and especially in electronics and the consumer sector, where great interest has been shown.

This new method was born of a surprising phenomenon: irradiating glass in a particular way with an ultrafast laser has the effect of making the glass up to a...

Im Focus: Light-driven atomic rotations excite magnetic waves

Terahertz excitation of selected crystal vibrations leads to an effective magnetic field that drives coherent spin motion

Controlling functional properties by light is one of the grand goals in modern condensed matter physics and materials science. A new study now demonstrates how...

Im Focus: New 3-D wiring technique brings scalable quantum computers closer to reality

Researchers from the Institute for Quantum Computing (IQC) at the University of Waterloo led the development of a new extensible wiring technique capable of controlling superconducting quantum bits, representing a significant step towards to the realization of a scalable quantum computer.

"The quantum socket is a wiring method that uses three-dimensional wires based on spring-loaded pins to address individual qubits," said Jeremy Béjanin, a PhD...

Im Focus: Scientists develop a semiconductor nanocomposite material that moves in response to light

In a paper in Scientific Reports, a research team at Worcester Polytechnic Institute describes a novel light-activated phenomenon that could become the basis for applications as diverse as microscopic robotic grippers and more efficient solar cells.

A research team at Worcester Polytechnic Institute (WPI) has developed a revolutionary, light-activated semiconductor nanocomposite material that can be used...

All Focus news of the innovation-report >>>



Event News

#IC2S2: When Social Science meets Computer Science - GESIS will host the IC2S2 conference 2017

14.10.2016 | Event News

Agricultural Trade Developments and Potentials in Central Asia and the South Caucasus

14.10.2016 | Event News

World Health Summit – Day Three: A Call to Action

12.10.2016 | Event News

Latest News

Prototype device for measuring graphene-based electromagnetic radiation created

28.10.2016 | Power and Electrical Engineering

Gamma ray camera offers new view on ultra-high energy electrons in plasma

28.10.2016 | Physics and Astronomy

When fat cells change their colour

28.10.2016 | Life Sciences

More VideoLinks >>>