Generating and protecting business ideas


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Generating and protecting business ideas

  1. 1. Generating and Protecting Business Ideas BUS1
  2. 2. Sources of Business ideas• Spotting trends and anticipating their impact• Identifying a market niche• Copy ideas from other countries• Taking a scientific approach
  3. 3. Franchising
  4. 4. 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
  5. 5. Protecting a business idea• Copyright• Patents• Trademarks
  6. 6. Copyrights If a business creates or The material cannot be copiedemploys someone to create without permission from thean original piece of literary, owner of the copyright. The lawdramatic, musical or artistic allows the owners of the copyrightwork, it automatically holds to decide whether it can be copied the copyright on the work and adapted, and allows them to charge a royalty or licence fee. In general, the copy right protection for literary, dramatic, musical and artistic works last until 70 years after the death of the creator! Unlike Patents there is no requirement to register an authors copyright. The law on copyright is governed by the Copyright, Designs and Patents Act 1988. Copyright is indicated by ©
  7. 7. 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.
  8. 8. 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 ®