30 Questions
What is Intellectual Property (IP)?
Any product of human intellect that is intangible but has value in the marketplace.
Why are a company's intellectual assets considered more important these days?
To protect the assets and innovations developed from being used by others without permission, providing core competency and competitive advantage.
What is the main idea behind Intellectual Property (IP)?
To protect assets and innovations from unauthorized use by others.
Why is seeking legal advice necessary for protecting Intellectual Property (IP)?
To find the best course of action and avoid serious financial losses due to mistakes.
What type of assets have traditionally been considered most important by businesses?
Physical assets like land, buildings, and equipment.
How can firms benefit financially from Intellectual Property (IP)?
By licensing their IP to others.
What must a patent application include?
Evidence of being first to market, establish date of starting the invention, complete history and description of the invention, lists claims for the product's usefulness
What is the purpose of design patenting?
To protect the visual appearance of a product, not the product features
What is the Right of Priority in patenting?
Priority for the first patent application in all contracting states for 12 months
What is a trademark?
Any word, name, symbol, or device used to identify the source or origin of products or services
What are some strategic motives for patenting?
Access to new knowledge, opening new markets, establishing technological leadership, enhancing reputation, setting standards, blocking similar development
What is the duration of protection provided by design patenting?
20 years
What are the 5 common mistakes small businesses make in protecting their IP?
Not properly identifying all of their IP, Not fully recognizing the value of their IP, Not legally protecting the IP that needs protecting, Not using their IP as part of their overall plan for success
What are the 4 forms of IP mentioned in the text?
Patents, Trademarks, Copyrights, Trade Secrets
What is a patent?
A contract between the government and an inventor that grants protection and prevents others from using the same idea/technology for a specified term.
What are the conditions that must be met to obtain a patent?
Novelty, Non-obviousness, Industrial application (Usefulness)
Where are patents usually issued?
Patent and trademark offices, such as the USPTO in the US
How long does patent protection typically last?
Usually 20 years
What is the main purpose of trademarks?
Provide consumers with useful information
What are the steps involved in registering a trademark?
Selecting → Searching → Applying
What are some reasons for trademark change over time?
Rebranding, Modernization, Mergers and Acquisitions, International Expansion, Repositioning, Crisis Management, Legal Reasons
What is the main function of copyrights?
Grant legal rights to the owner of a work of authorship
What are some examples of items protected under copyright law?
Literary works, musical compositions, computer software, dramatic works, pantomimes, choreographic works, pictorial, graphic, and sculptural works.
What is the purpose of protecting trade secrets?
To prevent disclosing information that could be damaging to a firm if stolen by others.
What are some measures to protect trade secrets?
Restricting access, labeling documents, password protecting computer files, maintaining logbooks for visitors and access to sensitive material, maintaining adequate security measures.
Why do firms need to protect their intellectual properties?
To preserve core competences and maintain competitive advantages.
What is recommended for a firm regarding its existing intellectual properties?
Develop an inventory (registration of patents, trademarks, copyrights, etc.) and protect works in progress systematically.
Why should a firm identify works in progress?
To ensure they are being documented and protected in an orderly manner.
Test your knowledge on managing intellectual property by Professor Arsalan Safari. Explore concepts such as types of intellectual properties including patents, trademarks, copyrights, and trade secrets.
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