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• Any Innovation, Commercial or Artistic, or any Unique Name, Symbol, Logo or Design• IP is an Asset for the Entrepreneur• It must be protected from Un-authorized use.• There are four ways to protect IP 1. Patents on Inventions 2. Trademarks on Branding Devices 3. Copyrights on Music, Videos, Patterns, Forms of Expression 4. Trade Secrets for Methods/Formulas with Economic Value
• A Contract Between Government & Inventor in Exchange for disclosure of Invention• Grants the inventor EXCLUSIVITY to Make, Use & Sell the Invention for • Specified Amount of Time • Territorial• Holder Obtains MONOPOLY for certain period and after that it passes into Public Domain• Patents can be obtained in widely varying Technical Subject Matters - "almost anything under the sun made by man".
• Holds the Right to issue Licenses to Others• An Idea/Thought can not be Patented• Modifications in Existing Products can also be Patented (e.g. Galaxy Tab)• Term of Protection should be a minimum of 20 Years• Patentable Inventions in Pakistan: – Invention in NEW – Involves an Inventive Step – Should NOT be Contrary to Law OR Morality
UTILITY PATENTS• Protect Useful Processes, Machines, Articles of Manufacture, and Compositions of Matter.• Some Examples: Fiber Optics, Computer Hardware etc
DESIGN PATENTS• Guards the Unauthorized Use of New, Original, and Ornamental designs for Articles of Manufacture.• The look of an Athletic Shoe, a Bicycle Helmet, the Star Wars Characters are all protected by Design Patents.
PLANT PATENTS• Are the way we Protect Invented or Discovered plant varieties.• For Example: Hybrid Tea Roses, Silver Queen Corn, Better Boy Tomatoes are all types of plant patents.
• Protects Words, Names, Symbols, Sounds, or Colors that distinguish goods and services.• Trademarks, unlike Patents, can be renewed FORVER as long as they are being used in business.• The roar of the MGM lion, the pink of the Owens-Corning insulation, and the shape of a Coca-Cola bottle, The Original Lawn by Gul Ahmed are familiar trademarks.
• Four Categories of TMs: 1. Coined Marks: Denote NO Relationship b/w Mark & Good (e.g. Kodak, Moosa Jee) 2. Arbitrary Mark: Common Word used in Meaningless Context (e.g. Apple, Dollar) 3. Suggestive Mark: suggests certain Features, Qualities, Ingredients, or Characteristics of a Product or Service (Clean & Clear, Fair & Lovely, Skin White Products) 4. Descriptive Mark: with a dictionary meaning which is used in connection with products or services directly related to that meaning (e.g. Shoe Plant, Darzi, EBH)
• Protects Works of Authorship, such as WRITINGS, MUSIC, and WORKS OF ART that have been Tangibly Expressed.• Stop others from Printing, Copying, or Publishing• Does not protect Idea itself, others can use Idea/Concept in a Different manner• Term of Copyrights is the life of Author plus 50 Years & 75 Years for an Institute.
• For Example: Gone With The Wind, Harry Potter (the book and the film), Beatles Recordings, Computer Software, and Video Games.• Books, Scripts, Articles, Poems, Songs, Sculptures, Models, Maps, Blueprints, Collages, Printed Material, Data & Music all can be Copyrighted.
TRADE SECRETS• Are information that companies keep secret from Public/Competitors to give them an advantage over their competitors.• The formula for Coca-Cola is the most famous trade secret.
• Arrangement between Two Parties i.e. Proprietary Right Owner/Patentee and the Licensee• The patent owner may give permission to, or license, other parties to use the invention on mutually agreed terms• Licensee pays Royalty/Fees against the Right to use IP• Licensing is done to either Expand a Business or to Start a New Venture.• Inexperience or Lack Resources• If there is an existing patent that might involve infringement, licensing may be considered.
• Licenses are Issued to make PROFITS and REACH wider span of Public• Patent License Agreement: – Either just market a Product OR Manufacture and Sell Also• Examples: – Telecommunication Companies, Fuel Stations, Food Franchises & Drugs Stores etc.• Copyright License Agreement: – Copy Books, Software, Music, Photographs, & Plays etc• Examples: – Indian Idol, X-Factor, Sports Team’s Merchandising, KFC gifting Coca Cola Glasses etc.
• A Firm must NOT Breach any Legal Specifications of a Product under the CPSA• Pre-Assessment to Check if the Product is Subject to any Regulations under CPSA• Entrepreneur must follow the Prescribed Specification to meet the CPSA’s requirement• Examples: – Toyota Motors Paid in all Million of Dollars to their Customer, who had Accident in 2009 – Famous Pepsi’s Case in India against use of Chemicals/Fertilizer to wash empty bottles – Halal Products (Lay’s Campaign)
• Product Liability Claims Types:1. Negligence: anywhere in Production & Marketing Process (Toyota/Pepsi)2. Warranty: Overstating the Prod Benefits (Energy Drinks)3. Strict Liability: Defective Products for Sale (Food)4. Misrepresentation: material facts on Labels/Advertisements (Hidden Costs)• Examples: – Suit was filed against Fair & Lovely – Teleco/Bank’s Hidden Costs
• A cover against any unexpected Miss-hap• Managing Risk in the New Business+• Type of Insurance to Purchase depends upon the Nature of Business/Industry.• Dramatic Increase in Purchase of Insurance in Pakistan after the Post Violence of Benazir’s Assassination in Country• For Example: – Staff Safety is more of concern in Chemical Industry than Banks – International Marketing Personnel/Sales Managers Travel more frequently than Financial Executives – Need Company’s Insurance Coverage
Types of Insurance:1. Property: Fire, Burglary, Robbery & Business Interruption (All/Banks/Goldsmith)2. Casualty: Physical Injury or Property Damage (Fuel Stations/Superstores/Shops/Outlets)3. Life: Protects the Business Continuity (Partnership & JSC)4. Worker’s Compensation: on-job Injury (chemical/manufacturing industry)5. Bonding: Employee Theft OR Tender Not meets Deadline (Contractors)
• Legally Binding Agreement between Two Parties• Entrepreneur’s Contract with Vendors, Landlords, & Clients etc• Written Contracts must be preferred over Verbal Ones.• Benefits of Written Contracts: termed as Valid & Legally Enforceable• Examples: – Outsourcing Production (Apple, Samsung, Nike) – Employees Sign a Bond with Firm
In case of Not Availing a Lawyer, Entrepreneur must take care of following essential items:1. All Involved Parties shall be Named along with their Roles (Buyer & Seller, Licensee & Licensor etc)2. Detailed Transaction (Exact Location, Date, Time & Place of Delivery etc.)3. Exact Value of Transaction4. Involved Persons’ Signatures must be Obtained in the Deal.