Question

Describe in detail at least three methods that can be applied to protect technology or application and strategies that can be applied to license technology in order to maximize the lifecycle and profits.

Answer 1

Protection of intangible goods is very important to protect the technology or application and strategies that can be applied to license technology in order to maximize the lifecycle and profit

In order to protect the business and enjoy the profitability for long-duration, we must keep our secrets safe.

But business ideas , concepts are the non-tangible so we can't hide it, unlike tangible goods . They are called as Intellectual property

Here comes the role of intellectual property law; by which we can ensure by asking legal protection to our business ideas and concepts

Trademark

We use Trademarks to secure the brand logo, unique algorithms, designs symbols, and signs.When we register a trademark, the same cannot be used by the other companies.

Example ----LIC (Life Insurance Company ) & its Slogan

     If you register the trademark , the exclusive rights have been given for the certain time period(Can be forever) , and no one is allowed to use it for his own purpose

Example:

1. Honda logo
2. Kent Ro
3. COCA-COLA Logo
4. Dell Logo

In order to register a Trademark, you have applied to concern department

Examble In US United States Patent and Trademark Office

Then the organization will take some time (1 or 2 months based on load ) to examine the application. After initial examination 30 days waiting time and other companies are allowed to challenge for the mark to register only after that the trademark is registered

Patents

Patents work to protect the ideas of the businessman. It is used to protect mechanisms, principles, and components surrounding those ideas.

It is the most strongest tool to safeguard your process.

• Design patents protect the design, shape, configuration, and appearance of any invention for 15 years

Example: Tata Tiago design, Thermax Boiler structural design

• Utility patents - This patent is used to safeguard the process which is unique and first time introduced to the universe  . A utility patent is given for 20 years

Example – Use of Charcoal for solid extraction in adsorption process by using coir

To file a patent, you need to keep a careful record of the details of your invention (the process as well as the finished result),

• Invention is truly an original idea and not copied from somewhere else

. To register a patent it takes from 1 year to 5 years time duration

Copyrights

It is original work of creators like literature, music, drama, choreography, art, motion pictures, sound recordings, and architecture.

Copyrights prevent other people to use the same creation or modify the creations for other their own use of others use. Copyrights are similar to trademarks. both of them are allotted for a long duration.

Even after. the death of creator Copyrights with him for the next 70 years

Apart from this Organization also take the following actions to secure their original content.

1. Non -Discloser Agreement
2. Properly Recording of data
3. Use of trademark and copyrights logo