“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!
Microtechnology industry is hiring – positive developments of past years continue
09.04.2018 | IVAM Fachverband für Mikrotechnik
RWI/ISL-Container Throughput Index with minor decline on a high overall level
20.03.2018 | RWI – Leibniz-Institut für Wirtschaftsforschung
For the first time ever, scientists have determined the cosmic origin of highest-energy neutrinos. A research group led by IceCube scientist Elisa Resconi, spokesperson of the Collaborative Research Center SFB1258 at the Technical University of Munich (TUM), provides an important piece of evidence that the particles detected by the IceCube neutrino telescope at the South Pole originate from a galaxy four billion light-years away from Earth.
To rule out other origins with certainty, the team led by neutrino physicist Elisa Resconi from the Technical University of Munich and multi-wavelength...
For the first time a team of researchers have discovered two different phases of magnetic skyrmions in a single material. Physicists of the Technical Universities of Munich and Dresden and the University of Cologne can now better study and understand the properties of these magnetic structures, which are important for both basic research and applications.
Whirlpools are an everyday experience in a bath tub: When the water is drained a circular vortex is formed. Typically, such whirls are rather stable. Similar...
Physicists working with Roland Wester at the University of Innsbruck have investigated if and how chemical reactions can be influenced by targeted vibrational excitation of the reactants. They were able to demonstrate that excitation with a laser beam does not affect the efficiency of a chemical exchange reaction and that the excited molecular group acts only as a spectator in the reaction.
A frequently used reaction in organic chemistry is nucleophilic substitution. It plays, for example, an important role in in the synthesis of new chemical...
Optical spectroscopy allows investigating the energy structure and dynamic properties of complex quantum systems. Researchers from the University of Würzburg present two new approaches of coherent two-dimensional spectroscopy.
"Put an excitation into the system and observe how it evolves." According to physicist Professor Tobias Brixner, this is the credo of optical spectroscopy....
Ultra-short, high-intensity X-ray flashes open the door to the foundations of chemical reactions. Free-electron lasers generate these kinds of pulses, but there is a catch: the pulses vary in duration and energy. An international research team has now presented a solution: Using a ring of 16 detectors and a circularly polarized laser beam, they can determine both factors with attosecond accuracy.
Free-electron lasers (FELs) generate extremely short and intense X-ray flashes. Researchers can use these flashes to resolve structures with diameters on the...
13.07.2018 | Event News
12.07.2018 | Event News
03.07.2018 | Event News
13.07.2018 | Event News
13.07.2018 | Materials Sciences
13.07.2018 | Life Sciences