Small Business Encyclopedia

Category: Inventing

Copyright

Definition: Exclusive legal rights that protect works of authorship, composition or artistry. A copyright protects the publication, production or sale of the rights to a literary, dramatic, musical or artistic work or computer program or to the use of a commercial print or label.

Intellectual Property

Definition: The ownership of ideas. Unlike tangible assets to your business such as computers or your office, intellectual property is a collection of ideas and concepts.

Invention

Definition: An object, process or technique that displays an element of novelty. In certain circumstances, legal protection may be granted to an invention by way of a patent.

Licensing

Definition: A business arrangement in which one company gives another company permission to manufacture its product for a specified payment

Patents

Definition: A form of protection that provides a person or legal entity with exclusive rights for making, using or selling a concept or invention and excludes others from doing the same for the duration of the patent

Prototype

Definition: A replica of a product as it will be manufactured, which may include such details as color, graphics, packaging and instructions

Trade Secrets

Definition: Information used by a business, which can be legally protected that is secret to the general public and is critical to the livelihood and success of a business

Trademark

Definition: Any symbol, word or combination thereof used to represent or identify a product. A service mark means the same thing, but identifies a service.

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