BUS 393 Lecture Notes - Lecture 3: Kfc, Canadian Living, Trade Secret

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: ALL

Document Summary

Property and ideas: law gives you important tools to protect your things/property. Promotes innovation: the objective: your right to benefit financially form ideas and creations with the rights of others to use the ideas and create new inventions. How: receiving legal protection through creation/registration: benefiting financially from ideas and stopping others from taking your ideas, necessary to protect ideas and creation, however you can(cid:284)t lock ideas in forever. Tesla wouldn(cid:284)t invest in new technologies unless assured it(cid:284)s worthwhile to invest: justify money spent and time, encourage shareholder(cid:284)s investment. The length of a patent is 20 years: limit because innovation must still be encouraged. Ideas can be monetized as a biz strategy. Investors and shareholders expect businesses to protect their ideas and creations. Otherwise won(cid:284)t invest or will hold you liable: negligence, failing to protect assets, value in ideas through, licensing: when someone gets to use your ideas by paying a fee.