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Rules of The Patent - Coursework Example

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This paper tells that the entrepreneurs here are having a novel and innovative product. It is important that they take immediate action to protect the intellectual property rights (IPR) of this asset by patenting their product. As per laws of the patents…
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Rules of The Patent

An initial provisional patenting which is relatively simple and quick will immediately secure the rights. Full patenting can follow this. Any disclosure like getting it published in a technical journal can be done after this. They must do this at an appropriate time to create awareness of the product before launching the product in the market.
It is recommended that the services of a professional patent attorney be engaged for filing the patent (Reese, 75). Both the partners do not have experience in writing and filing the patent before. The patent will be written better by a patent lawyer and chances of getting it accepted will be much better. It is also better that they bear the costs of the patenting themselves now and not wait to form a company and then raise resources through that for the patent. Funding agencies pay special attention to aspects of the value of IP and how well it has been secured by the promoter while considering a loan proposal.
Another important thing that needs to be clarified right away is the ownership of the patent. Will it be owned by one individual or both or by the company that is to be formed? The best would be for the engineering partner to patent it in his own name and later on transfer the rights of use entirely to the company at some mutually agreed cost after it is formed. It would be fair as it is his efforts that have resulted in the patent and also because the patent filing need not wait for the formalities of forming a company, that is if the two decide to go ahead and form one.
After the patenting, they will have to decide on whether to manufacture and market the product themselves or to transfer the know-how to a third party for manufacturing under license. The former means becoming an entrepreneur and deriving the full fruits of benefit s of the invention. An entrepreneur’s skills are entirely different from that of an inventor. The entrepreneur takes full responsibility for doing everything like fundraising, ... Read More
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