Generating and protecting business ideasPresentation Transcript
Generating and Protecting Business Ideas BUS1
Sources of Business ideas• Spotting trends and anticipating their impact• Identifying a market niche• Copy ideas from other countries• Taking a scientific approach
Formation and operation of a franchise Most common type is a The franchisee sells the‘business format franchise’. franchisor’s products/services, The franchisor grants trades under the franchisor’slicence to the franchisee to trademark or name, and use their business idea. benefits from the franchisor’s help and support In return, the franchisor usually pays an initial fee to the franchisor and then a percentage royalty on sales. The franchisee owns the outlet, but the franchisor maintains control over how products and services are marketed and sold and how their business is used
Protecting a business idea• Copyright• Patents• Trademarks
Patents If an individual invents a new To register a patent the process, piece of equipment, inventor must provide fullcomponent or product he or she drawings of the invention formust apply for a patent in order the UK Intellectual Propertyto prevent other people copying Office (UK-IPO), demonstrate the invention and then making, that the ideas have original selling, importing or using it features, and promise that without permission the ideas are his/her own The Copyright, Designs and Patents Act 1988 gives the patent holders the monopoly right to use, make, licence or sell the invention for up to 20 years after it has been registered.
TrademarkTrademarks can be powerful The trademark must be marketing tools, helping registered at the Intellectual customers to recognise the Property office. Once it hasproducts of a business and to been registered the distinguish them from company has exclusive competitors rights to its use. They are recognised by the symbol ®