Small Business Development - Assignment Example

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Small Business Development

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 on 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 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 at aspects of 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 to for the engineer 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. ...Show more

Summary

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 patent, if knowledge of the product or idea proposing to be patented becomes known to the public before patenting, then it becomes ineligible to be patented…
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