Mini Case 3-1: Protecting Your Intellectual Property

question 96

Essay

Mini Case 3-1: Protecting Your Intellectual Property
Devo, Anthony, and Spencer were childhood friends who had always talked about starting a business together after college graduation. Devo had the financial background and startup capital to contribute and Spencer and Anthony had the technical knowledge they believed would give them the competitive advantage needed to become an industry leader.
During their early college years, Anthony and Spencer developed a new and innovative way to manufacture computer components. When they shared their idea with Devo, he was able to draw up a detailed business plan to present to potential investors when the three were ready to launch their venture. They had been very careful not to disclose anything about their innovative idea to other colleagues or any of their friends and were anxious to get started.
After selecting the company name "Millennium Computers" the three friends come to you for advice on intellectual property rights.
-To protect their innovative process for manufacturing computer components from unauthorized use, which type of intellectual property should the threesome apply for? Identify the office to which they should apply and outline the steps involved in the process.

Grasp the concept of economic incentives in shaping consumer and business behavior in the presence of asymmetric information.

Recognize the impact of asymmetric information on loan and credit markets.

Understand the foundational concepts and legal frameworks of contract law.

Identify and explain the elements and requirements for forming a valid contract.

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Definitions:

Marketing Goals

Objectives that an organization seeks to achieve through its marketing strategies, such as increasing brand awareness or market share.

Quantitative Guidelines

Specific, measurable criteria used to guide actions or decisions, often involving numerical targets or benchmarks.

Performance Process Controls

Techniques and tools used to monitor, manage, and improve the efficiency and effectiveness of business processes.

Strategic Focus

The act of concentrating resources and attention on a specific strategic business goal or area to gain competitive advantage.