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Environmentally friendly cloth: Intellectual property rights issues and the commercalisation process - Essay Example

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Environmentally Friendly Cloth: Intellectual Property Rights Issues and the Commercialisation Process Executive Summary The British firm that is the subject of this report has invented a new cloth that is made from recycled clothing that can be found in a thrift store…
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Environmentally friendly cloth: Intellectual property rights issues and the commercalisation process
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Download file to see previous pages This patent is good for five to seven years. Alternatively, they could seek to protect the innovation as a trade secret. Each of these options have their drawbacks and their good points, so the company should choose between these two. Also, the company is interested in advice about the commercialization process. The recommendation is that they find funding from the government and through large companies who donate to environmentally friendly causes. Partnering with “green”companies, such as the Body Shop, is another option for cash flow issues. They should issue a licensing agreement with a manufacturer immediately, and they should also issue a licensing agreement with the designer who has already showed interest in them, and the online retailer who has shown interest, immediately. Within one year they should also line up five more major designers, and ten more lesser known designers. They should attempt to issue licensing agreements with five High Street retailers, as well as online retailers within six months. This report will detail the kinds of intellectual property rights, as well as give greater detail to the types of intellectual property rights that this firm should pursue in particular. ...
??…………………9 Action Plan……………………………………………………………………12 How Can the Success of the Commercialization Process Be Measured?........14 Summary…………………………………………………………………………….14 Recommendations……………………………………………………………………15 Conclusion…………………………………………………………………………..16 Types of Intellectual Property Rights There are three basic types of intellectual property rights. A patent is one such right (Maskus, 2000). These are legal titles that are granted to the owner of the patent, and this gives the owner the right to commercialize his or her own invention. To qualify for this right, the subject of the patent must be non-obvious, new and commercially viable (O’Donoghue et al., 1998). Patents are limited by time, usually 20 years. After the patent has expired, the invention moves into the public domain, which means that others can use the invention without having to pay the owner of the patent (Guellac et al., 2008). The patent is something that many firms use, because it prevents others from copying the invention. There is also a subset of patents, known as petty patents, which is a recent European revision of the patent system. By this, it means that small, incremental innovations may be covered by these types of patents. These patents are also easier to get than other types of patents, as the criteria for getting these types of patents are less stringent. The terms of the protection are shorter than the other patents, as well, as the protection typically lasts for 7 years. There is also a type of patents that specifically cover industrial designs. They, too, ...Download file to see next pagesRead More
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