Q1: Provide at least two examples of EACH type of Intellectual Property.
Patents, copyrights, trade secrets and trademarks are the four forms of intellectual property. Utility, design, and patents are the three kinds of patents. On the other hand, the different forms of trademarks are brands, company names, and logos. On the contrary, the different forms of trade secrets are marketing plans, product formulas and employee rosters. Copyrights take forms in live recordings, photos or artistry (Bouchoux 4).
Q2: How can an intangible asset create value for an organization? Explain with examples.
An intangible asset such as trademark increases the organizational value by safeguarding the company production secrets from being stolen. An example of a trade secret is the coke’s formula. Nonetheless, an intangible asset such as a patent hikes the firm’s value by protecting the company invention ideas or product. A perfect illustration is the Amazon.com’s one-click order system (Bouchoux 4).
The necessities of the patentability of the inventions are that there should be the presence of the new aspects of the proposed idea. Moreover, the patent should encompass an incentive procedure. Additionally, the patent should focus on adhering to the disclosure agreement. A design patent safeguards an article design while a utility design shields the article function.
Q4: What is meant by copyright? Why do entrepreneurs may care about copyright? In particular, why should Microsoft be concerned about copyrights?
Q5: What are trade secrets? Give two examples. Why do entrepreneurs care about protecting trade secrets?
Trade secrets are information that a business does not disclose so as to gain an advantage over the fierce competition. The most common examples of trade secrets are marketing plans and product formulas. The argument behind on why entrepreneurs guard the trade secrets is that they feel that trade secrets will keep them on the market despite competition from substitute products.
Q6: What are Trademarks? Give four examples. What can entrepreneurs do to protect Trademarks? Why is it important to take actions to protect Trademarks?
Trademarks define words, names, symbols or devices applied to trace the source or origin of products and to differentiate those products from others. In the contemporary world, the examples of trademarks are brands, company names, taglines or logos. Trademarks assist the entrepreneurs in interpreting the origin of their products in case of a laws suit. The important associated with trademarks initiatives is that it helps to create distinctions in the products that appear identical.
Q 1: Make a brief observation on each industry listed regarding "business attractiveness" (High or Medium or Low) with comments (Limit to 2 lines per industry)
The Wearable Computing industry is a highly attractive business because it will help the runners, cyclists and golfers access their emails and regulate their music (Joyner 58).
Artisanal alcohol, boutique beer is a less attractive business because there are already established in the industries that are hard to compete with such as Sierra Nevada craft breweries.
Cruise Specialists is a highly attractive business idea because there is a huge demand for the product to feed the ‘hungry’ clients.
The online education industry is a highly attractive business idea because of two reasons. For instance, the college costs are unbearable, and the job market is so competitive, and this offers a vacuum for firms that charge less online (Joyner 58)..
Consumer health technology is a medium demanding business idea because it necessitates for entrepreneurs to have a doctorate in physics. However, many of the successful entrepreneurs are school drop outs hence coaxing some entrepreneurs (Joyner 59).
Specialized online retail is a lowly attractive business idea because there already giant online retail shops that are difficult to break them from the market.
3-D printing is a highly attractive business idea because it is associated with developing creative products that are more marketable to the consumers. The products will be useful in the medical sector.
Virtual Data Rooms is a lowly attractive business because it is linked to fewer numbers of clients. Although the virtual data rooms companies make a huge profit from a single transaction, the industry is associated with fewer customers.
Q 2: Which ONE of the eight industries offer the most potential and why?
As expressed, 3-D printing is the most potential industry among the eight. The industry is associated with a high number of clients, low service providers and production of creative products. Nonetheless, on this market the value and sophistication of goods are high, and the volumes of products are relatively small.
Q 1: Summarize Video 1
The video is based on solar panels that have transformed Uganda’s medical industry by assisting the doctors to help pregnant mothers deliver babies. These solar panels are an element of a device known as Solar Suitcase (Ayala). The solar panels are responsible for distributing light in the security, delivery and waiting rooms.
Q 2: Summarize Video 2
The video discusses on how interns and workers from Stiftung Solarenergie facilitated the installation of WeShare Solar Suitcase in the Casillon Elementary School in Oriental Mindoro.Casillon school hosts 250 students, and they are from the mangyan-alangan ethnolinguistic ethnic group. In the rainy seasons, the school experienced brownouts that last for four hours nearly three times weekly. The suitcase was funded by both the Immaculata High School and the Abraaj Group (AJ+).
Q 3: Match these videos with ONE of the four elements of OREO model. Explain your response
The videos have obeyed a third of part of OREL model of persuasive writing which is ‘explanation’. The video is described vividly in the events that prompted the quick action. For instance, the journalists explain that the continuous brownouts required the development of solar panels. The application of ‘explanation’ element in the video renders the video relevant to the audiences.
Q 4: How is the innovative concept described in these videos relate to UDM's Mission (see syllabus for the Mission Statement). Be brief.
The innovative concept used in these videos shows how solar panels could be utilized to produce lights with the use of technology. The innovative concept conforms with the UDM’s mission statement that addresses the need to think creatively. The University of Detroit, a Catholic university in the Jesuit traditions seeks to offer excellent student-based education in an urban context. Video 1 and 2 improve the intellectual and social development of individuals.
Work cited
AJ+. "Solar Suitcase That's Helping Deliver Babies." YouTube. YouTube, 18 Oct. 2015. Web. 3 Apr. 2016.
Ayala, Andrea. "Solar Suitcase Update: Casillon Elementary School." YouTube. YouTube, 24 Aug. 2015. Web. 3 Apr. 2016.’
Joyner, April, Judith Ohikuare, Jeremy Quittner, Julie Strickland, and Samuel Wagreich. "The eight best industries for starting a business." The eight best industries for starting a business (2013): 5. Web. 2 Apr. 2016
Bouchoux, Deborah. Intellectual property: The law of trademarks, copyrights, patents, and trade secrets. Cengage Learning, 2012.
