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ADMS 4245 (12)
Lecture

CHAPTER 14.doc

2 Pages
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Department
Administrative Studies
Course Code
ADMS 4245
Professor
Peter Modir

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Description
CHAPTER 14 – PATENTS AND INTELLECTUAL PROPERTY • Within the context of product development, the term intellectual property refers to the legally protectable ideas, concepts, names, designs, and processes associated with a new product. • What is intellectual property? 1. Patent: A patent is a temporary monopoly granted by a government to an inventor to exclude other from using an invention 2. Trademark: a trademark is an exclusive right granted by a government to a trademark owner to use a specific name or symbol in association with a class of products or services 3. Trade Secret: a trade secret is information used in a trade or business that offers its owner a competitive advantage and that can be kept secret. A trade secret is not a right conferred by a government but is the result of vigilance on the part of an organization in preventing the dissemination of its proprietary information. 4. Copyright: it is an exclusive right granted by a government to copy and distribute an original work of expression, whether literature, graphics, music, art, entertainment, or software. You can register a copyright but it is not necessary. A copyright comes into being upon the first tangible expression of the work and last for up to 95 years. • Overview of Patents: Two basic types of patents are relevant: 1. Design patents: Provides the legal right to exclude someone from producing and selling a product with the identical ornamental design described by the design patent. A design patent can be thought of as a copyright for the ornamental design of a product. Because design patents must be limited to ornamental design, for most engineered goods, design patents are of very limited value. 2. Utility patents: US law allows for patenting of an invention that relates to a new process, machine, article of manufacture, composition of matter, or a new and useful improvement of one of these things. The law requires that patented inventions be:  Useful: useful to someone in some context 
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