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Biz Innovator Unit 3
Opportunity Recognition and Intellectual Property
| Term | Definition |
|---|---|
| Patents | Exclusive right within the US to make, use and sell your invention |
| Trademark | Any word. name, symbol, or picture or device that a company uses to distinguish its goods from someone else's |
| Trade Secrets | Data or information not generally known in the industry that gives a business an advantage over the competition |
| Plagiarism | Copying someone else's work and presenting it as your own |
| Fair Use | A set of legal exceptions to copyright |
| Idea | Has the potential to make $ |
| Opporunities | Passed the test of planning |
| Competence | Resources/Skills |
| Passion | Willing to put in the long hours |
| Adaptability | Opportunity meets customer's need |
| Personnel and team | Who adds other key resources and skills |
| Tolerance | Risk/Reward/Stress |
| BootStrapping | Starting a company with little capital |
| ROI/Return on Investment | (Gains-Costs)/Costs |
| Service Mark | Related Property right |
| Copyrights | Literary works, Musical works, Dramatic works, Pantomimes and choreographic works, Pictorial, graphic and sculptural works, Motion pictures, Sound recordings |
| Design Patent | ornamental design of a manufactured item (14 years) |
| Utility Patent | functional features of the invention (20 years) |
| Market | Is it relevant |
| Innovative | Unique |
| Clear Focus | Ability to create market barrier |
| Timing | Window of Opportunity |
| Profitable | Will it make money in the long run |
| Win-Win | A conflict where both parties gain |
| Break Even | Analyze costs and level of sales needed to cover costs |
| Variable | not consistent or having a fixed pattern |
| Venture Opportunity 1 | They create or add significant value to a customer or end user. (The Customer is Key) |
| Venture Opportunity 2 | They do so by solving a significant problem, or meeting a significant want or need, for which someone is willing to pay a premium. |
| Venture Opportunity 3 | They have a robust market, margin, and moneymaking characteristics: large with high growth; high margins; early free cash flow; and attractive returns to investors. |
| Venture Opportunity 4 | They are a good fit with the founders and management team. |
Created by:
Mark.Trueblood
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