Business questions
1. Firstly, the inventor would have to conceive an invention idea. The inventor would likely have to spend a lot of time, money and effort in drawing up a specification of their idea to a standard of perfection, which could also include professional advice and support. Next, after producing a signed, dated, and witnessed documentation of an invention, the inventor has valuable rights against any inventor who later conceives the same invention and applies for a patent. This is because the invention is now documented. Then, the inventor would have to fill out a patent application and include his or her “claims”. Claims explain, specifically, what the product is or does. The inventor would then have to wait for the patent to be approved of. Patent applications take a few years to be approved and the process is known as the “patent pending period”. During this time the inventor could spend time developing expansion ideas, conducting further market research or visiting different companies and proposing them to manufacture the inventor’s idea until their patent is approved of. However, most companies that manufacture a product that is the subject of a pending patent application will mark the product “patent pending” in order to warn potential copiers that if they copy the product, they may have to stop later if and when a patent is issued. After the patent issues, the patent owner can maintain a lawsuit for anyone who tries to breach the patent and tries to use or sell the invention without permission. After the patent expires, the patent owner has no further rights.
The Essay on Dumping of Products in Third World Countries
Made in the USA- Moral JudgmentFor years, the United States has been dumping export materials and goods that have been banned or found to be hazardous to the health of the people the United States. In the case Made in the U.S.A. – Dumped in Brazil, Africa, Iraq…, the case informs about how the United States dumped fire-retardant children’s pajamas, baby pacifiers, chemicals, etc. in ...
2. A patent would be beneficial to Heather in many ways. Firstly, a patent would reduce the number of competitors Heather would have to face in the market. This means because her idea is protected under a patent, nobody else could copy it. Ultimately, this would mean Heather will own a greater share in her target market area which, hopefully, then, should lead to a more profitable cash flow. Secondly, patent also increases the value of your business because it is considered a valuable asset by banks and potential purchasers of a business. This could be beneficial for Heather as if she decides to sell her business at any point for any particular reason; the business would be valued at a higher price due to the high value of the patent. Thirdly, if Heather decided to take on start-up or expansion capital from venture capitalists or any other investors, they would feel confident in giving Heather the money as they are aware she owns a patent and therefore they feel safe knowing that there won’t be other companies who will produce and use the same idea as Heather’s. Lastly, a patent is also one of the few assets that can increase in value over time. This is because the product idea can gain notoriety and the demand for the product can grow over time meaning the patent will rise in value. This could be beneficial for Heather as this means she could sell her patent for a high value, assuming her product reaches a high enough demand and she feels she is ready for something new, meaning she could then move on to a new area of the market and start generating new ideas which will require new patents.
3. Reuzip should have a patent before entering the market because, if they want to be successful, they are going to need their idea protected from competition. A patent will not completely eliminate competition but it will reduce it if one is issued as other companies will not be able to copy the exact idea of Reuzip which means their idea is unique and should prove profitable on the market and, in the long run, contribute to their success. Also, if a patent is issued within Reuzip and the demand for their product is high, they should see their patent rise in value as well and therefore making the business more valuable to potential business purchasers meaning that the business would have been, or is, at least a mild success. However, although a patent will protect Reuzip’s idea from being used or produced elsewhere, it doesn’t contribute to the success of their sales. For example, if they is issued a patent on their product and sales and profits turn out poor, sales aren’t going to increase purely because there is a patent protecting their product. The poor sales will lead to a poor patent value which will then lead to a more poor business value.
The Business plan on Business Idea Project
Executive Summary The Dark Side, is an after hours coffee shop located on East Evans Avenue and South High Street. Hours of operation being 4 pm to 2 am, the intention is to attract people ages 15 to 30 years, mostly being students especially from the University of Denver. By offering three distinctive atmospheres within the coffee shop our goal is to satisfy the diverse needs among this age ...
