Featured Research

from universities, journals, and other organizations

'How-to' Guide Shows Entrepreneurs How To Protect Their Big Ideas

Date:
September 11, 2009
Source:
North Carolina State University
Summary:
Successful entrepreneurs turn big ideas into successful business opportunities, but how should they protect those ideas? A new paper offers a "how-to" guide on intellectual property protection, laying out the options for budding entrepreneurs as they consider how to move forward.

Successful entrepreneurs turn big ideas into successful business opportunities, but how should they protect those ideas? A new paper from North Carolina State University offers a “how-to” guide on intellectual property protection, laying out the options for budding entrepreneurs as they consider how to move forward.

Related Articles


“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.


Story Source:

The above story is based on materials provided by North Carolina State University. Note: Materials may be edited for content and length.


Cite This Page:

North Carolina State University. "'How-to' Guide Shows Entrepreneurs How To Protect Their Big Ideas." ScienceDaily. ScienceDaily, 11 September 2009. <www.sciencedaily.com/releases/2009/09/090911103805.htm>.
North Carolina State University. (2009, September 11). 'How-to' Guide Shows Entrepreneurs How To Protect Their Big Ideas. ScienceDaily. Retrieved December 20, 2014 from www.sciencedaily.com/releases/2009/09/090911103805.htm
North Carolina State University. "'How-to' Guide Shows Entrepreneurs How To Protect Their Big Ideas." ScienceDaily. www.sciencedaily.com/releases/2009/09/090911103805.htm (accessed December 20, 2014).

Share This


More From ScienceDaily



More Science & Society News

Saturday, December 20, 2014

Featured Research

from universities, journals, and other organizations


Featured Videos

from AP, Reuters, AFP, and other news services

After Sony Hack, What's Next?

After Sony Hack, What's Next?

Reuters - US Online Video (Dec. 19, 2014) The hacking attack on Sony Pictures has U.S. government officials weighing their response to the cyber-attack. Linda So reports. Video provided by Reuters
Powered by NewsLook.com
Sierra Leone Bikers Spread the Message to Fight Ebola

Sierra Leone Bikers Spread the Message to Fight Ebola

AFP (Dec. 19, 2014) More than 100 motorcyclists hit the road to spread awareness messages about Ebola. Nearly 7,000 people have now died from the virus, almost all of them in west Africa, according to the World Health Organization. Video provided by AFP
Powered by NewsLook.com
Spokesman: 'NORAD Ready to Track Santa'

Spokesman: 'NORAD Ready to Track Santa'

AP (Dec. 19, 2014) Pentagon spokesman Rear Adm. John Kirby said that NORAD is ready to track Santa Claus as he delivers gifts next week. Speaking tongue-in-cheek, he said if Santa drops anything off his sleigh, "we've got destroyers out there to pick them up." (Dec. 19) Video provided by AP
Powered by NewsLook.com
Navy Unveils Robot Fish

Navy Unveils Robot Fish

Reuters - Light News Video Online (Dec. 18, 2014) The U.S. Navy unveils an underwater device that mimics the movement of a fish. Tara Cleary reports. Video provided by Reuters
Powered by NewsLook.com

Search ScienceDaily

Number of stories in archives: 140,361

Find with keyword(s):
Enter a keyword or phrase to search ScienceDaily for related topics and research stories.

Save/Print:
Share:

Breaking News:

Strange & Offbeat Stories


Science & Society

Business & Industry

Education & Learning

In Other News

... from NewsDaily.com

Science News

Health News

Environment News

Technology News



Save/Print:
Share:

Free Subscriptions


Get the latest science news with ScienceDaily's free email newsletters, updated daily and weekly. Or view hourly updated newsfeeds in your RSS reader:

Get Social & Mobile


Keep up to date with the latest news from ScienceDaily via social networks and mobile apps:

Have Feedback?


Tell us what you think of ScienceDaily -- we welcome both positive and negative comments. Have any problems using the site? Questions?
Mobile: iPhone Android Web
Follow: Facebook Twitter Google+
Subscribe: RSS Feeds Email Newsletters
Latest Headlines Health & Medicine Mind & Brain Space & Time Matter & Energy Computers & Math Plants & Animals Earth & Climate Fossils & Ruins