Entrepreneurial Growth Learning Module D

Intellectual Property

There are three types of property that can be owned by a person or business. One is real estate property, such as land and building structures that are part of the land.  Another is personal property, which consist of tangible items like automobiles, jewelry, furniture, bonds, and stocks. The third type of property is intellectual property and this cannot be defined as clearly as the prior two property types.  The laws that deal with ownership and control over real estate and personal property usually help settle disputes over ownership and shared ownership. It is typically easier to define what constitutes ownership of a tangible item, real property or a physical object.  Ownership of intellectual property means ownership of a concept or idea rather than ownership of a property or object.

Intellectual property is usually initially owned by the person who thought of the concept or idea that is the subject of the intellectual property, although it can often be transferred or released though agreement, transaction, operation of law or simply the passage of time.  Laws such as patents, copyright and trademarks protect intellectual Property in.  These are tools that assist individuals in protecting their property and benefiting financially from them.  Very complex laws, so get expert advice govern intellectual property


Proposed Questions: 

1)  What do customers identify more, the trademark or the service mark?

Although both are important in creating an identity for your business I believe that service marks are easier and quicker to be recognized by the customer.  Although McDonalds trademarks the Big Mac, McDonalds is known for the golden arches.  Once you create a service mark, trademarks to support that identity should follow.

2) From the research I have conducted when trying to patent your invention it requires a lot more time, work and is a lot more complicated than I had thought. From my understanding many people like to try to patent their idea on their own.  As a first time inventor would you hire a professional or would you rather try doing it yourself?

As a first time inventor I would feel a lot more comfortable and less stressed if I hired a professional. I do know that there is a lot involved, and to make sure everything is done correctly and in a timely manner it will probably be in my best interest to let a professional handle it. However, I will do my own research so I can be as informed as possible.


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