Protecting Your Ideas

The hardest part of becoming an entrepreneur is thinking of a good idea – Be it invention, innovation, etc Intellectual Property – intangible (can’t touch it) property that is the result of creativity In Canada – there are various laws to protect people’s ideas when it comes to business – Making it a legal offense to “steal” ideas

Patents A grant made by the government that gives the creator of an invention the sole right to make, use and sell the invention for a set period of time – Usually 20 Years Gives more incentive for people to put the time into inventing new things

Patents

Often cost money to try and get – Office work – Legal fees (often want a lawyer to draft the application) – Research of an existing patent Many businesses will try to get around a patent by making “improvements” on the existing product

Copyrights Intellectual Property including: – Literary Works – Musical Works – Artistic Works – Software All Canadians hold the copyright to any original work they have created You can’t publish, perform, translate, or adapt another person’s work without permission Once the copyright holder dies – it transfers to their heir for 50 years – You have 49 years until you can legally own “Poker Face” for free......shucks

Copyrights Print - Books, Journal Articles, Magazine Articles, etc. – Footnoting, Endnoting – giving credit to the author

Music Napster

Movies/TV Shows

Paintings/Art Illegal to reproduce and sell “prints”

Trademarks Words, Symbols, Designs used to identify a product or service and distinguish it from its competitors We will go over the difference.....

Logos

Mascots/Characters

Packaging

Becoming Registered Whenever something is created, automatically it is copyrighted or trademarked However, it is very hard to prove when something was created without registering your business with the government A couple weeks worth can make you a lot of $$$ vs. being lazy and costing yourself thousands

Research Assignment