From TedTalks on YouTube, Sir Ken Robinson makes an entertaining and profoundly moving case for creating an education system that nurtures (rather than undermines) creativity. Watch and comment! [20 minutes]
Friday, December 12, 2008
Patents
Chase Pruitt, MGT 386, December 11, 2008
When someone gets a great idea for an invention of some sort and is serious about making it a reality, then they should seriously consider filing for a patent. Wikipedia states that, “a patent is a set of exclusive rights granted by a state to an inventor or his assignee for a fixed period of time in exchange for a disclosure of an invention”. So basically a patent is a legal right that gives the creator protection from other people who might try to mimic or copy the invention. Legally filing for a patent is not necessary when inventing something but would be highly recommended. This is just to protect your work from being copied and sold by someone else before you had a chance to claim it as your own. Obtaining a patent can be expensive and usually requires the services of a patent attorney who can walk you through the steps of evaluating your product and assist you in the patent acquisition process.
There are twelve steps in acquiring a US patent according to enzinearticles.com. The first step in this process is preparation and submission of the idea in written form to designated company managers. This is simply to get all your ideas and patent proposal in an organized written form. The second step is to have your proposal reviewed by the designated company mangers of the disclosed idea or innovation for potential commercial worth and value. This step is just so that the managers can decide if they feel the idea warrants a patent license. Thirdly, if the patent council is still interested in the idea then they will draft a summary evaluation of the disclosed idea or innovation of its technical working essentials and assess whether these essentials might meet the patent merit requirements of utility and novelty. Next, if the panel continues on with the procedure then it’s up to the company managers to make a review and decide whether and how to proceed with commercial development of the idea or innovation and also whether or not to seek patent protection for the innovation based on patent counsel’s summary evaluation. Following these steps comes a very important one in which there will be an in-person meeting between the inventors, patent counsel, and company mangers in order to determine and decide what is or should be the broadest possible scope for the innovation in commercial and non-commercial terms. This meeting will also consist of discussion topics such as detailing and characterizing inventorship, the number and types of commercial formats, kinds of variations, preferred embodiments and minimum essential parts, operation limits and optimal use ranges. Needless to say, this is an extremely import step in the patent process because of the magnitude of topics being discussed in a face to face environment. Once all these details get ironed out, then it is time to prepare and submit to the patent council a complete and full written description of the invention prepared by the inventors which will provide sufficient technical detail, relevant drawings, useful background information, a listing of unexpected benefits and desirable advantages, and the relevant prior art for patent text purposes. Once everything gets organized, drafted, and submitted, the patent council will prepare and distribute a first draft text to the named inventors and designated company managers. Upon receiving this, the inventors and designated company managers will read and revise the document and send it back to the patent council. Now, with the input and revisions of both parties, a second and final draft will be constructed. A receipt consisting of the final needed changes will be given by the patent counsel to the inventors and will be submitted to the U. S. Patent Office. Finally, a completed submission of the fully approved patent application manuscript, supporting formal documents and requisite fee payments can be sent to the U.S. Patent office.
When someone gets a great idea for an invention of some sort and is serious about making it a reality, then they should seriously consider filing for a patent. Wikipedia states that, “a patent is a set of exclusive rights granted by a state to an inventor or his assignee for a fixed period of time in exchange for a disclosure of an invention”. So basically a patent is a legal right that gives the creator protection from other people who might try to mimic or copy the invention. Legally filing for a patent is not necessary when inventing something but would be highly recommended. This is just to protect your work from being copied and sold by someone else before you had a chance to claim it as your own. Obtaining a patent can be expensive and usually requires the services of a patent attorney who can walk you through the steps of evaluating your product and assist you in the patent acquisition process.
There are twelve steps in acquiring a US patent according to enzinearticles.com. The first step in this process is preparation and submission of the idea in written form to designated company managers. This is simply to get all your ideas and patent proposal in an organized written form. The second step is to have your proposal reviewed by the designated company mangers of the disclosed idea or innovation for potential commercial worth and value. This step is just so that the managers can decide if they feel the idea warrants a patent license. Thirdly, if the patent council is still interested in the idea then they will draft a summary evaluation of the disclosed idea or innovation of its technical working essentials and assess whether these essentials might meet the patent merit requirements of utility and novelty. Next, if the panel continues on with the procedure then it’s up to the company managers to make a review and decide whether and how to proceed with commercial development of the idea or innovation and also whether or not to seek patent protection for the innovation based on patent counsel’s summary evaluation. Following these steps comes a very important one in which there will be an in-person meeting between the inventors, patent counsel, and company mangers in order to determine and decide what is or should be the broadest possible scope for the innovation in commercial and non-commercial terms. This meeting will also consist of discussion topics such as detailing and characterizing inventorship, the number and types of commercial formats, kinds of variations, preferred embodiments and minimum essential parts, operation limits and optimal use ranges. Needless to say, this is an extremely import step in the patent process because of the magnitude of topics being discussed in a face to face environment. Once all these details get ironed out, then it is time to prepare and submit to the patent council a complete and full written description of the invention prepared by the inventors which will provide sufficient technical detail, relevant drawings, useful background information, a listing of unexpected benefits and desirable advantages, and the relevant prior art for patent text purposes. Once everything gets organized, drafted, and submitted, the patent council will prepare and distribute a first draft text to the named inventors and designated company managers. Upon receiving this, the inventors and designated company managers will read and revise the document and send it back to the patent council. Now, with the input and revisions of both parties, a second and final draft will be constructed. A receipt consisting of the final needed changes will be given by the patent counsel to the inventors and will be submitted to the U. S. Patent Office. Finally, a completed submission of the fully approved patent application manuscript, supporting formal documents and requisite fee payments can be sent to the U.S. Patent office.
Venture Leasing
Chase Pruitt, MGT 386, December 11, 2008
It’s my understanding that venture leasing is nothing more than just a creative form of leasing that allows start up companies to finance certain items and equipment it needs to start a business. Basically, this just means that a well established company will lease equipment such as computers and software to early stage companies for a certain interest rate to be paid back in an agreed amount of years.
This type of leasing has a number of benefits for the start up company and would be well worth it. The first and most obvious benefit is that it would save the start up company extra cash that it would have had to spend on purchasing the equipment at full price. This is a crucial benefit because a company that is just starting out would have very little money to spend on all its needs and equipment. This way they are allowed to get the items they need at a cheaper price in which they would eventually pay back with interest once the business took off and started making enough money to pay back its debts. A second benefit of venture leasing is that it will finance a company even when that company doesn’t qualify for a bank loan or any other type of lease. Banks can be especially difficult to get a loan from particularly when it’s for a start up company with more risk than its worth paying for. This way the entrepreneur would be able to start the business without even going to the bank for the loan. Lastly, if negotiations are done wisely, venture capital could be very flexible for the entrepreneur starting his company.
Even with all these benefits and flexibility, a venture capital leaser also must follow certain guidelines to decide if a business will be a good venture lease transaction. According to Pricewaterhouse Coopers, Venture leasers look at several factors which two of the main ingredients of a successful new venture are the caliber of its management team and the quality of its venture capital sponsors (ezinearticles.com/?Venture-Leasing:-Startup-Financing-On-the-Rise&id=7424 - 53k -). Pricewaterhouse goes on to say that a good management team must have experience in the key business functions which are sales, marketing, R&D, production, engineering, and finance.
Venture leasing also has its fair share of risk involved. One risk that a business might face is that if it gets to the point where it cannot pay back its debt then there is a good chance that its equipment will be taken back by the leaser. This is something that would not happen if the equipment was bought out right and therefore owned by the start up company. When starting a business and not having much money this is an easy risk to overlook because in the beginning stages, all the entrepreneur cares about is getting the items and equipment it needs to start its hopefully successful business.
With this all said, venture leasing is a very worthwhile and helpful form of leasing for start up companies. It is still important however, for entrepreneurs to fully look into all their financing options before choosing venture leasing as there might be a more logical financing opportunity out there.
It’s my understanding that venture leasing is nothing more than just a creative form of leasing that allows start up companies to finance certain items and equipment it needs to start a business. Basically, this just means that a well established company will lease equipment such as computers and software to early stage companies for a certain interest rate to be paid back in an agreed amount of years.
This type of leasing has a number of benefits for the start up company and would be well worth it. The first and most obvious benefit is that it would save the start up company extra cash that it would have had to spend on purchasing the equipment at full price. This is a crucial benefit because a company that is just starting out would have very little money to spend on all its needs and equipment. This way they are allowed to get the items they need at a cheaper price in which they would eventually pay back with interest once the business took off and started making enough money to pay back its debts. A second benefit of venture leasing is that it will finance a company even when that company doesn’t qualify for a bank loan or any other type of lease. Banks can be especially difficult to get a loan from particularly when it’s for a start up company with more risk than its worth paying for. This way the entrepreneur would be able to start the business without even going to the bank for the loan. Lastly, if negotiations are done wisely, venture capital could be very flexible for the entrepreneur starting his company.
Even with all these benefits and flexibility, a venture capital leaser also must follow certain guidelines to decide if a business will be a good venture lease transaction. According to Pricewaterhouse Coopers, Venture leasers look at several factors which two of the main ingredients of a successful new venture are the caliber of its management team and the quality of its venture capital sponsors (ezinearticles.com/?Venture-Leasing:-Startup-Financing-On-the-Rise&id=7424 - 53k -). Pricewaterhouse goes on to say that a good management team must have experience in the key business functions which are sales, marketing, R&D, production, engineering, and finance.
Venture leasing also has its fair share of risk involved. One risk that a business might face is that if it gets to the point where it cannot pay back its debt then there is a good chance that its equipment will be taken back by the leaser. This is something that would not happen if the equipment was bought out right and therefore owned by the start up company. When starting a business and not having much money this is an easy risk to overlook because in the beginning stages, all the entrepreneur cares about is getting the items and equipment it needs to start its hopefully successful business.
With this all said, venture leasing is a very worthwhile and helpful form of leasing for start up companies. It is still important however, for entrepreneurs to fully look into all their financing options before choosing venture leasing as there might be a more logical financing opportunity out there.
Mir Imran on Market and Company Size
From Stanford's Entrepreneurship Corner:
Medtronic, Boston Scientific, and Johnson & Johnson all began as single-product ventures, says Mir Imran, CEO of InCube Labs and serial entrepreneur of medical devices. And while the medical community is rife with single-product ventures, a few of them do go on to become large enterprises offering a suite of products in multiple markets. What sets the bar for each venture? The market viability for each product they produce.
Medtronic, Boston Scientific, and Johnson & Johnson all began as single-product ventures, says Mir Imran, CEO of InCube Labs and serial entrepreneur of medical devices. And while the medical community is rife with single-product ventures, a few of them do go on to become large enterprises offering a suite of products in multiple markets. What sets the bar for each venture? The market viability for each product they produce.
Randy Komisar on the "Deferred Life" Plan
From Stanford's Entrepreneurship Corner:
Komisar warns against the concept of a deferred life plan, when people put off what they really want to do for what is expected of them. According to Komisar, this is when you are deferring your sense of excitement and passion for what you really care about. Working hard is not inconsistent with the deferred life plan, he adds, but doing so for a product that you do not have interest in is.
Komisar warns against the concept of a deferred life plan, when people put off what they really want to do for what is expected of them. According to Komisar, this is when you are deferring your sense of excitement and passion for what you really care about. Working hard is not inconsistent with the deferred life plan, he adds, but doing so for a product that you do not have interest in is.
Thursday, December 11, 2008
Randy Komisar on the TiVo Transformation
From Stanford's Entrepreneurship Corner:
Komisar explains how the original TiVO concept went through multiple transformations. Originally, the TiVO entrepreneurs wanted to create a stand-alone VCR box that would be sold by large retailers. Over time and with the guidance of Komisar, the entrepreneurs realized it would make better sense to offer TiVo as a service instead of a hardware product with low-margins.
Komisar explains how the original TiVO concept went through multiple transformations. Originally, the TiVO entrepreneurs wanted to create a stand-alone VCR box that would be sold by large retailers. Over time and with the guidance of Komisar, the entrepreneurs realized it would make better sense to offer TiVo as a service instead of a hardware product with low-margins.
Guy Kawasaki on the Importance of a Good Presentation
From Stanford's Entrepreneurship Center:
Guy Kawasaki talks about how he uses a top 10 format for Powerpoint presentations and thinks that most presentations are terrible. For example, he says either the presentations are too long, Powerpoint is used poorly, or the font is too small to read. [1 minute, 4 seconds]
Guy Kawasaki talks about how he uses a top 10 format for Powerpoint presentations and thinks that most presentations are terrible. For example, he says either the presentations are too long, Powerpoint is used poorly, or the font is too small to read. [1 minute, 4 seconds]
Ashwin Navin on Founding Teams
From Stanford's Entrepreneurship Corner:
Ashwin Navin, Co-founder and President of Bit Torrent, talks about founding teams--where they come from and how to form them. Navin suggests that founding teams emerge from relationships developed in school or work and that founding teams work best when the team members have complimentary skills. In addition, Navin emphasizes the quality of students and colleagues in Silicon Valley and suggests that students take the opportunity to experiment with new business opportunities. [2 minutes, 7 seconds]
Ashwin Navin, Co-founder and President of Bit Torrent, talks about founding teams--where they come from and how to form them. Navin suggests that founding teams emerge from relationships developed in school or work and that founding teams work best when the team members have complimentary skills. In addition, Navin emphasizes the quality of students and colleagues in Silicon Valley and suggests that students take the opportunity to experiment with new business opportunities. [2 minutes, 7 seconds]
Sue Decker on Yahoo's "Merger" with Microsoft
From Stanford's Entrepreneurship Corner:
Microsoft came knocking, but they and Yahoo! could not agree on a price, says Sue Decker, president of the search engine and online community. Decker attributes the incomplete partnership to a difference of vision in the potential value of the company, and says that in its wake, Yahoo! is weighing a number of options for the future. [4 minutes, 51 seconds]
Microsoft came knocking, but they and Yahoo! could not agree on a price, says Sue Decker, president of the search engine and online community. Decker attributes the incomplete partnership to a difference of vision in the potential value of the company, and says that in its wake, Yahoo! is weighing a number of options for the future. [4 minutes, 51 seconds]
Dominick Orr on Working with and Making Decisions with Great People
From Stanford's Entrepreneurship Corner:
Dominic Orr, CEO of Aruba Networks, begins by describing two surprises he encountered when working with great people: first, how difficult it is for experienced people to change and second, how challenging it is to be intellectually honest. Orr then describes his efforts to overcome these impediments by cultivating a fast-decision making process focused on the facts and intellectual honesty. However, to achieve this environment each individual has to have a thick-skin and a commitment to self-evaluation, qualities that usually must be cultivated over time. [3 minutes, 42 seconds]
Dominic Orr, CEO of Aruba Networks, begins by describing two surprises he encountered when working with great people: first, how difficult it is for experienced people to change and second, how challenging it is to be intellectually honest. Orr then describes his efforts to overcome these impediments by cultivating a fast-decision making process focused on the facts and intellectual honesty. However, to achieve this environment each individual has to have a thick-skin and a commitment to self-evaluation, qualities that usually must be cultivated over time. [3 minutes, 42 seconds]
Dominick Orr on Challenges in Cracking Big Markets
From Stanford's Entrepreneurship Corner:
Dominic Orr, CEO of Aruba Networks, responds to a question about whether startups have a chance of cracking markets owned by big competitors. Orr suggests that startups often can find niches in big markets because they have greater speed to execution. However, Orr argues that success in a big market may be more than simply creating a niche but rather success is creating a large, sustainable business. Orr argues that the challenge of creating a large business is that you attract the attention of large competitors who try to destroy you. At the same time, as a company grows, it too eventually becomes vulnerable to smaller startups with even greater relative speed to execution. [5 minutes, 47 seconds]
Dominic Orr, CEO of Aruba Networks, responds to a question about whether startups have a chance of cracking markets owned by big competitors. Orr suggests that startups often can find niches in big markets because they have greater speed to execution. However, Orr argues that success in a big market may be more than simply creating a niche but rather success is creating a large, sustainable business. Orr argues that the challenge of creating a large business is that you attract the attention of large competitors who try to destroy you. At the same time, as a company grows, it too eventually becomes vulnerable to smaller startups with even greater relative speed to execution. [5 minutes, 47 seconds]
Edgar Bronfman Jr on the Three Facets of Business
From Stanford's Entrepreneurship Corner:
Edgar Bronfman, Jr., CEO of Warner Music Group, believes business is a circular concept that can be described using three words: believe, listen, and act. First, he says, you have to believe in your vision, your opportunity, and most importantly yourself. Secondly, you have to listen to the market and properly assimilate the facts surrounding your vision. Lastly, it is critical to take action, although it may be difficult for some to change what they have been used to do doing. [3 minutes, 32 seconds]
Edgar Bronfman, Jr., CEO of Warner Music Group, believes business is a circular concept that can be described using three words: believe, listen, and act. First, he says, you have to believe in your vision, your opportunity, and most importantly yourself. Secondly, you have to listen to the market and properly assimilate the facts surrounding your vision. Lastly, it is critical to take action, although it may be difficult for some to change what they have been used to do doing. [3 minutes, 32 seconds]
Using Agents to Help Raise Money
From Stanford's Entrepreneurship Corner:
Jason Green, Founding Partner at Emergence Capital, suggests that agents are generally not used to help raise funds in an early stage company although they may be helpful in a late-stage private equity deal. Instead, as Tom Friel, Chairman of Heidrick and Struggles, emphasizes early stage entrepreneurs are connected to VCs through informal networks of advisors who make an introduction for the entrepreneur. [2 minutes, 40 seconds]
Jason Green, Founding Partner at Emergence Capital, suggests that agents are generally not used to help raise funds in an early stage company although they may be helpful in a late-stage private equity deal. Instead, as Tom Friel, Chairman of Heidrick and Struggles, emphasizes early stage entrepreneurs are connected to VCs through informal networks of advisors who make an introduction for the entrepreneur. [2 minutes, 40 seconds]
Jason Green on Option Pools
From Stanford's Entrepreneurship Corner:
Jason Green, Founding Partner at Emergence Capital, shares insights into how entrepreneurs should think about establishing an option pool. Green suggests reserving 20% to 30% of the ownership as an option pool and to think about sharing wealth in order to create a bigger pie rather than holding to tight to a smaller pie. [1 minute, 52 seconds]
Jason Green, Founding Partner at Emergence Capital, shares insights into how entrepreneurs should think about establishing an option pool. Green suggests reserving 20% to 30% of the ownership as an option pool and to think about sharing wealth in order to create a bigger pie rather than holding to tight to a smaller pie. [1 minute, 52 seconds]
Tom Friel on How to Attract Great Talent
From Stanford's Entrepreneurship Corner:
Tom Friel, Chairman of Heidrick and Struggles, discusses the challenges of building a great team and suggests that startups can attract great talent with a number of factors, including money, self-fulfillment, belief in the mission or belief in the founder. Friel argues that to attract and retain great talent, entrepreneurs should be generous with at least one or more of these factors and sufficient on the others. Furthermore, Friel adds only a great team can make the startup a large and successful organization and sometimes this includes the replacement of founders with a professional CEO. [3 minutes, 49 seconds]
Tom Friel, Chairman of Heidrick and Struggles, discusses the challenges of building a great team and suggests that startups can attract great talent with a number of factors, including money, self-fulfillment, belief in the mission or belief in the founder. Friel argues that to attract and retain great talent, entrepreneurs should be generous with at least one or more of these factors and sufficient on the others. Furthermore, Friel adds only a great team can make the startup a large and successful organization and sometimes this includes the replacement of founders with a professional CEO. [3 minutes, 49 seconds]
David Frankel: What to Expect and Avoid in Term Sheets
From Stanford's Entrepreneurship Corner:
David Frankel, Founding Partner at Altirah Capital, offers his advice about what entrepreneurs should expect and what they should avoid in the term sheets offered by VCs when raising money. Frenkel suggests that entrepreneurs should expect VCs to have liquidation preferences, pre-emptive rights, first refusal rights, anti-dilution rights, board member seats, CEO replacement rights and full disclosure. In contrast, Frenkel suggests entrepreneurs should not accept a big valuation from an individual investor who cannot follow on or "traditional terms" that are not adequately explained and justified.
David Frankel, Founding Partner at Altirah Capital, offers his advice about what entrepreneurs should expect and what they should avoid in the term sheets offered by VCs when raising money. Frenkel suggests that entrepreneurs should expect VCs to have liquidation preferences, pre-emptive rights, first refusal rights, anti-dilution rights, board member seats, CEO replacement rights and full disclosure. In contrast, Frenkel suggests entrepreneurs should not accept a big valuation from an individual investor who cannot follow on or "traditional terms" that are not adequately explained and justified.
David Frankel: Advice on Term Sheets
From Stanford's Entrepreneurship Corner:
David Frankel, Founding Partner at Altirah Capital, discusses term sheets and how to structure a venture capital deal. Frankel suggests that when raising money an entrepreneur should 1) Favor VCs with simple term sheets, 2) Retain an experienced startup lawyer and 3) Explore any unfamiliar terms (1 minute, 52 seconds).
David Frankel, Founding Partner at Altirah Capital, discusses term sheets and how to structure a venture capital deal. Frankel suggests that when raising money an entrepreneur should 1) Favor VCs with simple term sheets, 2) Retain an experienced startup lawyer and 3) Explore any unfamiliar terms (1 minute, 52 seconds).
Judy Estrin on the Benefits of Constructive Failure
From Stanford's Entrepreneurship Corner:
Nobody wants to fail, but we need to be willing to take that plunge - and self-analyze to learn from our failures, says JLABS CEO Judy Estrin. If not given the opportunity to fall short of new goals, engineers and thinkers will be incapable of setting their sights high. Luckily for the entrepreneurially-minded, Silicon Valley is a forgiving place, and those with great ideas are often given credit just for stretching and broadening new notions into the marketplace.
Nobody wants to fail, but we need to be willing to take that plunge - and self-analyze to learn from our failures, says JLABS CEO Judy Estrin. If not given the opportunity to fall short of new goals, engineers and thinkers will be incapable of setting their sights high. Luckily for the entrepreneurially-minded, Silicon Valley is a forgiving place, and those with great ideas are often given credit just for stretching and broadening new notions into the marketplace.
Jason Green on Choosing a Venture Partner
From Stanford's Entrepreneurship Corner:
Jason Green, Founding Partner at Emergence Capital, speaks on how to select a venture partner. Green emphasizes that selecting a VC is a long-term partnership commitment and encourages entrepreneurs to pay attention to four things when selecting a venture partner: 1) Negotiate from a position of strength, 2) Find shared belief, 3) Listen to your instincts and 4) Pay more attention to the partnership than the terms.
Jason Green, Founding Partner at Emergence Capital, speaks on how to select a venture partner. Green emphasizes that selecting a VC is a long-term partnership commitment and encourages entrepreneurs to pay attention to four things when selecting a venture partner: 1) Negotiate from a position of strength, 2) Find shared belief, 3) Listen to your instincts and 4) Pay more attention to the partnership than the terms.
Buying and Selling Small Business
Patrick Gross, MGT 386, December 10, 2008
I have grown up around parents and grandparents who have run a family business for my entire life. For 58 years my family has been in the business of the distribution and manufacturing of hydraulics and pneumatics. For the past thirty years my father has been the owner and driving force behind what is now called The RG Group. For the 22 years I have been around that business I have seen him grow the business through acquisition of smaller entities similar to the RG Group. I spent this past summer in Pennsylvania working there for the first time and saw what he did on a day to day basis to search for new acquisitions.
I found that there are some tough things about buying and selling a small business. The toughest thing is not finding them because people are always looking to cash out. I think the biggest thing is finding a place to meet on price. A lot of small business owners have worked their whole lives to make an organization worthwhile and when someone comes along trying to make a deal assumptions about value don’t always seem to meet at the same place. The standard is to usually take EBITDA and multiply it by 4 and that’s what you should be paying. In other words multiply the earnings of this business to find the true value.
For a small distributor like our family owns the only way to grow is through acquisition. There could be a need in that market to help business advertise or better value small businesses. I know that for our business it is the job of the senior leadership to seek out new opportunities for expansion. When they do identify one my father comes in and decides if it is a worthwhile investment and either pursues or he doesn’t. When he does find a worthwhile investment it immediately pays returns due to the fact that he does not have to keep the companies leadership on staff. He really is just paying for their customer base. What he buys is more people to sell his products.
Recently we had a former accountant and new franchisee of B2B CFO come to our Business Honors Class to speak. This was an interesting concept for me to observe due to my previous exposure to a small business merger and acquisition. B2B CFO is a company that seeks out former accountants to become franchisees. These franchisees then develop a client book of small business owners and help them grow through acquisition. The franchisees do also help their clients to better manage their finances. From what I understand this is a good way for small business to look for quality acquisitions due to the fact that the B2B CFO is financially literate and can help “Joe the Plumber” value a business accordingly.
I have also recently heard of some e-commerce sites that are attempting to fill the market need of having a so called small business exchange. My opinion is that this will not be successful. I think this because I have seen the personal relationships my father has had to develop in the past to complete these mergers and acquisitions. It takes a lot of wining and dining to convince someone to sell their life’s work at a reasonable price. The social network or e-commerce site would only be good for introducing the opportunity to the small business owner.
References:
1. www.B2BCFO.com
2. www.rg-group.com
3. http://www.practicalecommerce.com/articles/451-Selling-Your-Ecommerce-Business
4. www.Businessforsale.com
I have grown up around parents and grandparents who have run a family business for my entire life. For 58 years my family has been in the business of the distribution and manufacturing of hydraulics and pneumatics. For the past thirty years my father has been the owner and driving force behind what is now called The RG Group. For the 22 years I have been around that business I have seen him grow the business through acquisition of smaller entities similar to the RG Group. I spent this past summer in Pennsylvania working there for the first time and saw what he did on a day to day basis to search for new acquisitions.
I found that there are some tough things about buying and selling a small business. The toughest thing is not finding them because people are always looking to cash out. I think the biggest thing is finding a place to meet on price. A lot of small business owners have worked their whole lives to make an organization worthwhile and when someone comes along trying to make a deal assumptions about value don’t always seem to meet at the same place. The standard is to usually take EBITDA and multiply it by 4 and that’s what you should be paying. In other words multiply the earnings of this business to find the true value.
For a small distributor like our family owns the only way to grow is through acquisition. There could be a need in that market to help business advertise or better value small businesses. I know that for our business it is the job of the senior leadership to seek out new opportunities for expansion. When they do identify one my father comes in and decides if it is a worthwhile investment and either pursues or he doesn’t. When he does find a worthwhile investment it immediately pays returns due to the fact that he does not have to keep the companies leadership on staff. He really is just paying for their customer base. What he buys is more people to sell his products.
Recently we had a former accountant and new franchisee of B2B CFO come to our Business Honors Class to speak. This was an interesting concept for me to observe due to my previous exposure to a small business merger and acquisition. B2B CFO is a company that seeks out former accountants to become franchisees. These franchisees then develop a client book of small business owners and help them grow through acquisition. The franchisees do also help their clients to better manage their finances. From what I understand this is a good way for small business to look for quality acquisitions due to the fact that the B2B CFO is financially literate and can help “Joe the Plumber” value a business accordingly.
I have also recently heard of some e-commerce sites that are attempting to fill the market need of having a so called small business exchange. My opinion is that this will not be successful. I think this because I have seen the personal relationships my father has had to develop in the past to complete these mergers and acquisitions. It takes a lot of wining and dining to convince someone to sell their life’s work at a reasonable price. The social network or e-commerce site would only be good for introducing the opportunity to the small business owner.
References:
1. www.B2BCFO.com
2. www.rg-group.com
3. http://www.practicalecommerce.com/articles/451-Selling-Your-Ecommerce-Business
4. www.Businessforsale.com
Patents. What are the steps to filing for a patent? Is a patent search necessary or recommended?
Elisha Baity, MGT 386, December 10, 2008
A patent is a property right to the inventor of a product that is issued by the U.S. Patent and Trademark Office (www.uspto.gov). The patent grants exclusion of others making, using, offering for sale, or selling an invention in the U.S. or importing the invention into the U.S. (www.uspto.gov). To obtain a patent, an application needs to be filed with the U.S. Patent and Trademark Office (www.uspto.gov).
There are twelve major steps in filing a U.S. Patent application. The steps are as follows (Prashker, 2006):
1. Inventor needs to prepare and submit a written disclosure to company managers of the idea or innovation for review and summary evaluation.
2. Company managers need to review the written disclosure for potential commercial worth and value.
3. Patent counsel prepares a summary evaluation of the written disclosure, identifying technical working essentials and to make sure the essentials meet patent merit requirements.
4. Review the summary evaluation and decide patent protection actually needs to be sought
5. Hold a meeting of the inventor/creator(s), patent counsel, and company managers to determine the scope of the idea in commercial and non-commercial terms. Also, at this meeting, there needs to be details of the inventorship, operation limits and optimal use range.
6. Inventor/creator needs to prepare and submit a full written description of the invention, giving sufficient detail, relevant drawings, useful background information, a list of advantages and a list of unexpected benefits.
7. Patent counsel needs to prepare and distribute the first draft of the patent application to the inventor/creator and company managers.
8. The inventor/creator need to review the first draft patent application text and return the revision to the patent counsel
9. Patent counsel needs to comment and make changes on the revised patent application.
10. After the patent counsel has made comments and additional changes and the final draft has been approved, the manuscript is ready to be sent (with formal supporting documentation and requisite fees) to the U.S. Patent Office.
11. The supporting documents are completed by the patent counsel.
12. Final approved application (approved by patent counsel), supporting documents and fees are sent to the U.S. Patent Office. A serial number is issued along with a filing date for patent purposes.
The patent process is somewhat intensive. Therefore, it is important to do a patent search before embarking in the timely and costly process. It is important to make sure no one else has already patented the idea (www.patensearchexpress.com/patent_search.html). Also, a patent search will prevent lawsuits from violating another person’s patent. One can also read similar patents to their product to find ways to improve the design. Also, a patent search helps reduce the risk of another inventor invalidating the product (during the process, the similar patents should be checked to see what they cover). Lastly, a strong patent search will help determine if the idea can be patented and licensed.
www.patensearchexpress.com/patent_search.html. Retrieved December 10, 2008.
Prashker, David (2006). Twelve Steps To Filing A U.S. Patent Application. Ezine Articles. Retrieved December 10, 2008, from www.ezinearticles.com.
www.uspto.gov. Retrieved December 10, 2008.
A patent is a property right to the inventor of a product that is issued by the U.S. Patent and Trademark Office (www.uspto.gov). The patent grants exclusion of others making, using, offering for sale, or selling an invention in the U.S. or importing the invention into the U.S. (www.uspto.gov). To obtain a patent, an application needs to be filed with the U.S. Patent and Trademark Office (www.uspto.gov).
There are twelve major steps in filing a U.S. Patent application. The steps are as follows (Prashker, 2006):
1. Inventor needs to prepare and submit a written disclosure to company managers of the idea or innovation for review and summary evaluation.
2. Company managers need to review the written disclosure for potential commercial worth and value.
3. Patent counsel prepares a summary evaluation of the written disclosure, identifying technical working essentials and to make sure the essentials meet patent merit requirements.
4. Review the summary evaluation and decide patent protection actually needs to be sought
5. Hold a meeting of the inventor/creator(s), patent counsel, and company managers to determine the scope of the idea in commercial and non-commercial terms. Also, at this meeting, there needs to be details of the inventorship, operation limits and optimal use range.
6. Inventor/creator needs to prepare and submit a full written description of the invention, giving sufficient detail, relevant drawings, useful background information, a list of advantages and a list of unexpected benefits.
7. Patent counsel needs to prepare and distribute the first draft of the patent application to the inventor/creator and company managers.
8. The inventor/creator need to review the first draft patent application text and return the revision to the patent counsel
9. Patent counsel needs to comment and make changes on the revised patent application.
10. After the patent counsel has made comments and additional changes and the final draft has been approved, the manuscript is ready to be sent (with formal supporting documentation and requisite fees) to the U.S. Patent Office.
11. The supporting documents are completed by the patent counsel.
12. Final approved application (approved by patent counsel), supporting documents and fees are sent to the U.S. Patent Office. A serial number is issued along with a filing date for patent purposes.
The patent process is somewhat intensive. Therefore, it is important to do a patent search before embarking in the timely and costly process. It is important to make sure no one else has already patented the idea (www.patensearchexpress.com/patent_search.html). Also, a patent search will prevent lawsuits from violating another person’s patent. One can also read similar patents to their product to find ways to improve the design. Also, a patent search helps reduce the risk of another inventor invalidating the product (during the process, the similar patents should be checked to see what they cover). Lastly, a strong patent search will help determine if the idea can be patented and licensed.
www.patensearchexpress.com/patent_search.html. Retrieved December 10, 2008.
Prashker, David (2006). Twelve Steps To Filing A U.S. Patent Application. Ezine Articles. Retrieved December 10, 2008, from www.ezinearticles.com.
www.uspto.gov. Retrieved December 10, 2008.
Franchising: Who Does it Really Benefit?
Patrick Gross, MGT 386, December 10, 2008
Last year Chick-fil-A opened roughly 70 new franchises throughout the United States. This is a surprisingly low number considering that they had over a 1000 applicants. Usually when a franchisee opens a new McDonald’s or Burger King they need to have extremely good credit and large amounts of capital up front close. Chick-fil-a only requires that you have 5000 dollars and strong moral fiber. How is it that Chick-fil-a does this? Is it a profitable business model for them? How well has it worked in comparison to other fast food restaurants.
Let me start by explaining why you only need $5,000 to open a Chick-fil-a. Chick-fil-a’s corporate office covers all the costs of starting the new franchise. They own the real estate, the building, and they even hire a start up team and pay for your training. They also send out a team of marketing consultants and operational consultants to assist you in an extravagant grand opening. This all sounds great but what is the catch? The catch is that for the rest of your career you have to pay Chick-fil-a 50% of you your net profits. In addition to that you are limited to one or maybe two franchises if you are lucky. On the other hand people still make a quality living being a Chick-fil-a operator. Take for example an owner example owner operator Brad Williams out of Suwanee, Georgia who lost year produced revenues at one Chick-fil-a a little over three million dollars. This produced a twelve month net profit close 440,000 dollars. Not bad for serving waffle fries and chicken sandwiches.
So is this a profitable business model for them? In my opinion, yes it is. The secret to this or any restaurant business is that it is all about the people. Due to the fact that you only need 5000 bucks to open one of these money makers, Chick-fil-a has thousands of applicants annually. The more applicants they have the more selective they can be in choosing quality individuals to run their restaurants. This model has provided them with MBA’s or entrepreneurs who have started their own restaurants. With quality people running their restaurants they do not have to worry about very many of them tanking.
If this is such a great business model for franchising why does every fast food restaurant not do it? I would argue that a company like McDonald’s or Burger King has operated with the same type of business model since it originated. I would also argue that Chick-fil-a’s business model is unique and provides them with a competitive advantage and it is something other fast food restaurants should be aware of.
In terms of the individual at this stage in my life I would apply for a franchise with Chick-fil-a and not McDonalds. I say this because I do not have millions of dollars in lines of credit but I think I could come up with a few thousand dollars. Also from a more personal perspective I believe in the same things that Chick-fil-a does from a corporate standpoint. I can easily identify with who they are as people and the reasons they do what they do.
References:
1. Eat More Chikin Inspire More People, Written By: Truett Cathy
2. Research Info from Business Honors Project (Attached Excel Spreadsheet)
3. www.Chick-fil.a.com
Last year Chick-fil-A opened roughly 70 new franchises throughout the United States. This is a surprisingly low number considering that they had over a 1000 applicants. Usually when a franchisee opens a new McDonald’s or Burger King they need to have extremely good credit and large amounts of capital up front close. Chick-fil-a only requires that you have 5000 dollars and strong moral fiber. How is it that Chick-fil-a does this? Is it a profitable business model for them? How well has it worked in comparison to other fast food restaurants.
Let me start by explaining why you only need $5,000 to open a Chick-fil-a. Chick-fil-a’s corporate office covers all the costs of starting the new franchise. They own the real estate, the building, and they even hire a start up team and pay for your training. They also send out a team of marketing consultants and operational consultants to assist you in an extravagant grand opening. This all sounds great but what is the catch? The catch is that for the rest of your career you have to pay Chick-fil-a 50% of you your net profits. In addition to that you are limited to one or maybe two franchises if you are lucky. On the other hand people still make a quality living being a Chick-fil-a operator. Take for example an owner example owner operator Brad Williams out of Suwanee, Georgia who lost year produced revenues at one Chick-fil-a a little over three million dollars. This produced a twelve month net profit close 440,000 dollars. Not bad for serving waffle fries and chicken sandwiches.
So is this a profitable business model for them? In my opinion, yes it is. The secret to this or any restaurant business is that it is all about the people. Due to the fact that you only need 5000 bucks to open one of these money makers, Chick-fil-a has thousands of applicants annually. The more applicants they have the more selective they can be in choosing quality individuals to run their restaurants. This model has provided them with MBA’s or entrepreneurs who have started their own restaurants. With quality people running their restaurants they do not have to worry about very many of them tanking.
If this is such a great business model for franchising why does every fast food restaurant not do it? I would argue that a company like McDonald’s or Burger King has operated with the same type of business model since it originated. I would also argue that Chick-fil-a’s business model is unique and provides them with a competitive advantage and it is something other fast food restaurants should be aware of.
In terms of the individual at this stage in my life I would apply for a franchise with Chick-fil-a and not McDonalds. I say this because I do not have millions of dollars in lines of credit but I think I could come up with a few thousand dollars. Also from a more personal perspective I believe in the same things that Chick-fil-a does from a corporate standpoint. I can easily identify with who they are as people and the reasons they do what they do.
References:
1. Eat More Chikin Inspire More People, Written By: Truett Cathy
2. Research Info from Business Honors Project (Attached Excel Spreadsheet)
3. www.Chick-fil.a.com
Protecting a trademark. How do you protect your trademarks and servicemarks? How do you file with the government?
Elisha Baity, MGT 386, December 10, 2008
A trademark is a word, name, symbol, device, or combination thereof used for a good for identification purposes (www.sec.state.ri.us/corps/trademark/trademark-q.doc). A servicemark is a word, name, symbol or device used for a service for identification purposes (Moore, 2008). A trademark or servicemark should be established at the earliest date of initial use of the good or service (www.amerilawyer.com). Reasons to obtain a trademark or servicemark include the following (www.amerilawyer.com):
* The name of a product can become a valuable asset to a company
* Registration of a trademark or servicemark helps in keeping others from adopting your product or design
* Failure to register a trademark or servicemark can mean no protection or limited protection in a local geographic region
* Registration allows for use of the Federal trademark symbol ®
* Promotion and advertisement of the product can be done with extra assurance
* Injunctions and statutory damages can be allotted if a copycat situation occurs
Requirements to file include filing under the owner’s name, specifying the type of business entitiy, describing the use of the product or advertising of the product on an actual use application, a statement of good faith in an intent-to-use application, and a visual of the product (www.amerilawyer.com). When registering a product or service, the owner must choose a category that is best representative (www.sec.state.ri.us/corps/trademark/trademark-q.doc). If the product or service falls into more than one category, an application needs to be filed for each one (www.sec.state.ri.us/corps/trademark/trademark-q.doc). The registration process for a trademark or servicemark is a six-month to eight-month process (www.amerilawyer.com). Once the registration process has begun, the owner may us the trademark symbol, ™, until the process is complete. After completion, the owner may use the Federal trademark symbol ®.
Failure to register a product or service can cause a company to lose out on substantial benefits. The benefits include nationwide protection, presumption of validity in infringement litigation, and permission to use the ® symbol (www.amerilawyer.com).
References
Moore, Shannon (2008). Trademark vs. Servicemark. Ezine Articles. Retrieved December 10, 2008, from www.ezinearticles.com
www.sec.state.ri.us/corps/trademark/trademark-q.doc. Retrieved December 10, 2008.
www.amerilawyer.com. Retrieved December 10, 2008
A trademark is a word, name, symbol, device, or combination thereof used for a good for identification purposes (www.sec.state.ri.us/corps/trademark/trademark-q.doc). A servicemark is a word, name, symbol or device used for a service for identification purposes (Moore, 2008). A trademark or servicemark should be established at the earliest date of initial use of the good or service (www.amerilawyer.com). Reasons to obtain a trademark or servicemark include the following (www.amerilawyer.com):
* The name of a product can become a valuable asset to a company
* Registration of a trademark or servicemark helps in keeping others from adopting your product or design
* Failure to register a trademark or servicemark can mean no protection or limited protection in a local geographic region
* Registration allows for use of the Federal trademark symbol ®
* Promotion and advertisement of the product can be done with extra assurance
* Injunctions and statutory damages can be allotted if a copycat situation occurs
Requirements to file include filing under the owner’s name, specifying the type of business entitiy, describing the use of the product or advertising of the product on an actual use application, a statement of good faith in an intent-to-use application, and a visual of the product (www.amerilawyer.com). When registering a product or service, the owner must choose a category that is best representative (www.sec.state.ri.us/corps/trademark/trademark-q.doc). If the product or service falls into more than one category, an application needs to be filed for each one (www.sec.state.ri.us/corps/trademark/trademark-q.doc). The registration process for a trademark or servicemark is a six-month to eight-month process (www.amerilawyer.com). Once the registration process has begun, the owner may us the trademark symbol, ™, until the process is complete. After completion, the owner may use the Federal trademark symbol ®.
Failure to register a product or service can cause a company to lose out on substantial benefits. The benefits include nationwide protection, presumption of validity in infringement litigation, and permission to use the ® symbol (www.amerilawyer.com).
References
Moore, Shannon (2008). Trademark vs. Servicemark. Ezine Articles. Retrieved December 10, 2008, from www.ezinearticles.com
www.sec.state.ri.us/corps/trademark/trademark-q.doc. Retrieved December 10, 2008.
www.amerilawyer.com. Retrieved December 10, 2008
Wednesday, December 10, 2008
Problem-Solving Paradigm
From Stanford University's Entrepreneurship Corner
Take a big problem, apply the best minds to its prospects, add the fuel of entrepreneurial energy and a touch of capitalist greed, and one has the perfect recipe for solving any social, environmental, or cultural dilemma, says Vinod Khosla. Mere good intentions are not enough to invoke real change. But the course of industry can only be altered when all angles of the problem-solving pyramid are in place.
Take a big problem, apply the best minds to its prospects, add the fuel of entrepreneurial energy and a touch of capitalist greed, and one has the perfect recipe for solving any social, environmental, or cultural dilemma, says Vinod Khosla. Mere good intentions are not enough to invoke real change. But the course of industry can only be altered when all angles of the problem-solving pyramid are in place.
Tuesday, December 9, 2008
Accredited Investors: Who they are and the requirements they meet
Destin Rice, MGT 386, November 25, 2008
To gain success and follow up by holding the gains or continuing to excel in excellence, the business world relies heavily on support from investors. Accredited investors are investors who “invest in certain types of higher risk investments, limited partnerships, hedge funds, and angel investor networks” (Wikipedia, 2008).
While these investors are recognized as being risk takers and as being “financially sophisticated,” they generally fall into other categories (Bonds Online, 2006). Accredited investors “generally include wealthy individuals and organizations such as corporations, endowments, or retirement plans” (Wikipedia, 2008). The U.S. Securities Exchange Commission goes even further to state that, “accredited investors may include banks, insurance companies, registered investment companies, business development companies, or small business investment companies” (2008). They may also include “charitable organizations, corporations, or partnerships with assets exceeding $5 million, a natural person who has individual net worth, or joint net worth with the person’s spouse that exceeds $1 million at the time of the purchase of securities or a natural person with the income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year” (U.S. Securities Exchange Commission, 2008).
Before dealing with accredited investors, one should consider the advantages and disadvantages of these investors as well as several questions that should be asked to the investors. One should immediately realize that there are numerous advantages with dealing with accredited investors. Because accredited investors are typically “company insiders and rich people with areas of expertise in corporations and contracts,” they may provide numerous benefits to a company or corporation (CNN Money, 2008). Accredited investors are “generally either wealthier investors or individuals with access to more information about a company and may be less burdensome when raising money” (CNN Money, 2008).
Examples of questions that companies and individuals dealing with accredited investors may ask themselves as well as the investor include:
• What are the state’s security laws?
• What are the federal securities laws?
• How much money are we raising?
• How much money have we already raised?
• How many investors do we plan to target?
• What documents will be provided to our investors?
• What types of filings have been completed?
• What kind of company is this accredited investor?
• Is this an employee benefit plan?
• Does the plan have total assets in excess of $5 million?
• Does the bank, insurance company, or registered advisor make the investment decision?
• Is this a business in which all the equity owners are accredited investors?
• How much is the individual’s net worth?
• What is the natural person’s income? Joint income with spouse?
Works Cited
BondsOnline (2006). Investors. Retrieved November 25, 2008, from
http://www.bondsonline.com/Accredited_Investor_def.php
CNN Money (2008). Accredited Investors: Do you need them? Retrieved November 25, 2008 from, http://askfsb.blogs.fsb.cnn.com/2008/07/23/accredited-investors/
U.S. Securities and Exchange Commission (2008). Accredited Investors. Retrieved
November 25, 2008 from, http://sec.gov/answers/accred.htm
Wikipedia (2008). Accredited Investor. Retrieved November 25, 2008 from,
http://en.wikipedia.org/wiki/Accredited_investor
To gain success and follow up by holding the gains or continuing to excel in excellence, the business world relies heavily on support from investors. Accredited investors are investors who “invest in certain types of higher risk investments, limited partnerships, hedge funds, and angel investor networks” (Wikipedia, 2008).
While these investors are recognized as being risk takers and as being “financially sophisticated,” they generally fall into other categories (Bonds Online, 2006). Accredited investors “generally include wealthy individuals and organizations such as corporations, endowments, or retirement plans” (Wikipedia, 2008). The U.S. Securities Exchange Commission goes even further to state that, “accredited investors may include banks, insurance companies, registered investment companies, business development companies, or small business investment companies” (2008). They may also include “charitable organizations, corporations, or partnerships with assets exceeding $5 million, a natural person who has individual net worth, or joint net worth with the person’s spouse that exceeds $1 million at the time of the purchase of securities or a natural person with the income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year” (U.S. Securities Exchange Commission, 2008).
Before dealing with accredited investors, one should consider the advantages and disadvantages of these investors as well as several questions that should be asked to the investors. One should immediately realize that there are numerous advantages with dealing with accredited investors. Because accredited investors are typically “company insiders and rich people with areas of expertise in corporations and contracts,” they may provide numerous benefits to a company or corporation (CNN Money, 2008). Accredited investors are “generally either wealthier investors or individuals with access to more information about a company and may be less burdensome when raising money” (CNN Money, 2008).
Examples of questions that companies and individuals dealing with accredited investors may ask themselves as well as the investor include:
• What are the state’s security laws?
• What are the federal securities laws?
• How much money are we raising?
• How much money have we already raised?
• How many investors do we plan to target?
• What documents will be provided to our investors?
• What types of filings have been completed?
• What kind of company is this accredited investor?
• Is this an employee benefit plan?
• Does the plan have total assets in excess of $5 million?
• Does the bank, insurance company, or registered advisor make the investment decision?
• Is this a business in which all the equity owners are accredited investors?
• How much is the individual’s net worth?
• What is the natural person’s income? Joint income with spouse?
Works Cited
BondsOnline (2006). Investors. Retrieved November 25, 2008, from
http://www.bondsonline.com/Accredited_Investor_def.php
CNN Money (2008). Accredited Investors: Do you need them? Retrieved November 25, 2008 from, http://askfsb.blogs.fsb.cnn.com/2008/07/23/accredited-investors/
U.S. Securities and Exchange Commission (2008). Accredited Investors. Retrieved
November 25, 2008 from, http://sec.gov/answers/accred.htm
Wikipedia (2008). Accredited Investor. Retrieved November 25, 2008 from,
http://en.wikipedia.org/wiki/Accredited_investor
Protecting Trademarks
Chris Jackson, MGT 386, December 5, 2008
As many advisors and lawyers will tell you, registering a trademark or obtaining service rights is the best way to protect the rights to any product or service. According to Wikipedia, “The term trademark is also used informally to refer to any distinguishing attribute by which an individual is readily identified, such as the well known characteristics of celebrities” (Wikipedia, http://en.wikipedia.org/wiki/Trademark). In fact, they have also shown to add more value to that particular product or service because they are one of the most important assets to that company. This was best stated in a trademark article by Jane Tucker when she said, “Just as you would protect your other assets from harm, you should also do what is necessary to ensure protection of your trademark or service mark from a competitor who may attempt to sell different goods or services under an identical or confusingly similar name” (Protecting Your Trademark and/or Service Mark Rights, http://www.vanblk.com/Resources/Legal_Articles_Cases/ProtectingYourTrademarkandorServiceMarkRights.asp). It is also to your advantage to go through this process for security reasons as stated above.
Upon further research, I uncovered information on the United States Patent and Trademark Office Website, which stated that there are detailed instructions to follow that can easily lead you to your own registration of a trademark or service mark. In this process of filing with the government, the first step is to identify which type of intellectual property is best for you, which in this case is a trademark. According to the USPTO, “The next step is to search our database, before filing your application, to determine whether anyone is already claiming trademark rights in a particular mark” (United States Patent and Trademark Office, http://www.uspto.gov/web/trademarks/workflow/start.htm). It also states that after you have chosen your mark and conducted a trademark search, you will need to draft a description of goods and/or services. A trademark application is incomplete without a statement identifying the goods and/or services with which the mark is used or will be used. This identification of goods or services must be specific enough to identify the nature of the good or services.
In my research I have found that not only can you register through the United States Patent Office, but you can also register through the Alabama Secretary of State on their website if you wanted to register more of a smaller business type company under a trademark. This process would certify that you would maintain this trademark for ten years until you renew it (Alabama Secretary of State, http://www.sos.state.al.us/BusinessServices/Trademarks.aspx). Rights of ownership of a particular mark are derived from the Common Law of Alabama which states that once you adopt and use a mark, and are documented as the first to use this mark, that you will then have exclusive rights to use that mark.
Protection of trademarks is a serious issue when it comes to protecting a business or product, that is has sometimes landed individuals in the court room with issues that result in severe repercussions. One thing that everyone should do once they decide to apply for a trademark is obtain legal assistance, so that you will have some aide through the process and do not overlook any minor details that could have serious consequences for negligence.
As many advisors and lawyers will tell you, registering a trademark or obtaining service rights is the best way to protect the rights to any product or service. According to Wikipedia, “The term trademark is also used informally to refer to any distinguishing attribute by which an individual is readily identified, such as the well known characteristics of celebrities” (Wikipedia, http://en.wikipedia.org/wiki/Trademark). In fact, they have also shown to add more value to that particular product or service because they are one of the most important assets to that company. This was best stated in a trademark article by Jane Tucker when she said, “Just as you would protect your other assets from harm, you should also do what is necessary to ensure protection of your trademark or service mark from a competitor who may attempt to sell different goods or services under an identical or confusingly similar name” (Protecting Your Trademark and/or Service Mark Rights, http://www.vanblk.com/Resources/Legal_Articles_Cases/ProtectingYourTrademarkandorServiceMarkRights.asp). It is also to your advantage to go through this process for security reasons as stated above.
Upon further research, I uncovered information on the United States Patent and Trademark Office Website, which stated that there are detailed instructions to follow that can easily lead you to your own registration of a trademark or service mark. In this process of filing with the government, the first step is to identify which type of intellectual property is best for you, which in this case is a trademark. According to the USPTO, “The next step is to search our database, before filing your application, to determine whether anyone is already claiming trademark rights in a particular mark” (United States Patent and Trademark Office, http://www.uspto.gov/web/trademarks/workflow/start.htm). It also states that after you have chosen your mark and conducted a trademark search, you will need to draft a description of goods and/or services. A trademark application is incomplete without a statement identifying the goods and/or services with which the mark is used or will be used. This identification of goods or services must be specific enough to identify the nature of the good or services.
In my research I have found that not only can you register through the United States Patent Office, but you can also register through the Alabama Secretary of State on their website if you wanted to register more of a smaller business type company under a trademark. This process would certify that you would maintain this trademark for ten years until you renew it (Alabama Secretary of State, http://www.sos.state.al.us/BusinessServices/Trademarks.aspx). Rights of ownership of a particular mark are derived from the Common Law of Alabama which states that once you adopt and use a mark, and are documented as the first to use this mark, that you will then have exclusive rights to use that mark.
Protection of trademarks is a serious issue when it comes to protecting a business or product, that is has sometimes landed individuals in the court room with issues that result in severe repercussions. One thing that everyone should do once they decide to apply for a trademark is obtain legal assistance, so that you will have some aide through the process and do not overlook any minor details that could have serious consequences for negligence.
Protecting Trademarks and Service Marks
Destin Rice, MGT 386, November 23, 2008
Because of the high level of competition in the business world, many companies and organizations choose to protect their products and services with trademarks and service marks. Trademarks include “any word, name, symbol, or device, or any combination, used, or intended to be used, in commerce to identify and distinguish goods of one manufacturer or seller from goods manufactured or sold by others, and to indicate the source of the goods” (UPTO, 2008). “The owner of a trademark has exclusive right to use it on the product it was intended to identify and often on related products. Service-marks receive the same legal protection as trademarks but are meant to distinguish services rather than products” (Cornell). In order for a business to protect its trademarks and service marks, the business must comply with several requirements and follow a certain process.
Protecting trademarks and service marks does not require that the trademarks and service marks be federally registered. However, if a company chooses to federally register its trademarks and service marks it may reap a magnitude of benefits. Examples of benefits include a “constructive notice nationwide of the trademark and service mark owner’s claim; evidence of ownership; jurisdiction of federal courts may be invoked; registration can be used as a basis for obtaining registration in foreign countries; and registration may be filed with U.S. Customs Service to prevent importation of infringing foreign goods” (USPTO, 2008).
A company may register its trademarks and service marks by “accessing forms through the Trademark Electronic Application System (TEAS)” (USPTO, 2008). TEAS can assist a business in filing an “application for registration of a mark, response to examining attorney’s office action, notice of change of address, amendment to allege use, statement of use, request for extension of time to file a statement of use, affidavit of continued use under 15 U.S.C 1058, and an affidavit of incontestability under 15 U.S.C. 1065” (USPTO, 2008). One may find assistance by visiting USPTO’s Web site or by searching additional Web sites for trademark and service mark information.
Several requirements exist in order to obtain a filing date. A company of person must include the “name of the applicant, a name and address to which the USPTO should send correspondence, a clear drawing of the mark, a listing of the goods or services, and the filing fee for at least one class of goods or services” (International, 2008). Information concerning fees may be found on the USPTO Web site.
While the process of registering each mark may be time consuming and require a company or organization to participate in additional paperwork, the benefits of a registered trademark may be seen in a timely manner on the company’s balance sheet. Trademarks and service marks give companies and corporations a competitive advantage that may make a difference in the success of the business.
Works Cited
Cornell University Law School. Trademark Law: An Overview. Retrieved November 25, 2008,from http://topics.law.cornell.edu/wex/Trademark
International Trademark Association (2008). Filing a Trademark Application in the United States. Retrieved November 25, 2008, from http://www.inta.org/index.php?option=com_content&task=view&id=182&Itemid=59&getcontent=1
United States Patent and Trademark Office, (2008). Retrieved November 25, 2008, from
http://www.uspto.gov/main/trademarks.htm
Because of the high level of competition in the business world, many companies and organizations choose to protect their products and services with trademarks and service marks. Trademarks include “any word, name, symbol, or device, or any combination, used, or intended to be used, in commerce to identify and distinguish goods of one manufacturer or seller from goods manufactured or sold by others, and to indicate the source of the goods” (UPTO, 2008). “The owner of a trademark has exclusive right to use it on the product it was intended to identify and often on related products. Service-marks receive the same legal protection as trademarks but are meant to distinguish services rather than products” (Cornell). In order for a business to protect its trademarks and service marks, the business must comply with several requirements and follow a certain process.
Protecting trademarks and service marks does not require that the trademarks and service marks be federally registered. However, if a company chooses to federally register its trademarks and service marks it may reap a magnitude of benefits. Examples of benefits include a “constructive notice nationwide of the trademark and service mark owner’s claim; evidence of ownership; jurisdiction of federal courts may be invoked; registration can be used as a basis for obtaining registration in foreign countries; and registration may be filed with U.S. Customs Service to prevent importation of infringing foreign goods” (USPTO, 2008).
A company may register its trademarks and service marks by “accessing forms through the Trademark Electronic Application System (TEAS)” (USPTO, 2008). TEAS can assist a business in filing an “application for registration of a mark, response to examining attorney’s office action, notice of change of address, amendment to allege use, statement of use, request for extension of time to file a statement of use, affidavit of continued use under 15 U.S.C 1058, and an affidavit of incontestability under 15 U.S.C. 1065” (USPTO, 2008). One may find assistance by visiting USPTO’s Web site or by searching additional Web sites for trademark and service mark information.
Several requirements exist in order to obtain a filing date. A company of person must include the “name of the applicant, a name and address to which the USPTO should send correspondence, a clear drawing of the mark, a listing of the goods or services, and the filing fee for at least one class of goods or services” (International, 2008). Information concerning fees may be found on the USPTO Web site.
While the process of registering each mark may be time consuming and require a company or organization to participate in additional paperwork, the benefits of a registered trademark may be seen in a timely manner on the company’s balance sheet. Trademarks and service marks give companies and corporations a competitive advantage that may make a difference in the success of the business.
Works Cited
Cornell University Law School. Trademark Law: An Overview. Retrieved November 25, 2008,from http://topics.law.cornell.edu/wex/Trademark
International Trademark Association (2008). Filing a Trademark Application in the United States. Retrieved November 25, 2008, from http://www.inta.org/index.php?option=com_content&task=view&id=182&Itemid=59&getcontent=1
United States Patent and Trademark Office, (2008). Retrieved November 25, 2008, from
http://www.uspto.gov/main/trademarks.htm
Filing for a patent
Destin Rice, MGT 386, November 23, 2008
If a company depends strictly on the products it sells and/or the services it delivers, the company should consider protecting the physical and intellectual products from potentially falling into the hands of competitors. In order to prevent this occurrence, “The Patent and Trademark Office, which falls under the umbrella of the Department of Commerce, is designed to promote businesses by giving inventors the right to their discoveries” (Holmes, 2003).
Filing for a patent under The Patent and Trademark Office will ensure that competitors don’t use the technology unless they buy the right to use it from [the company]” (Holmes, 2003). The process of filing for a patent includes a process of several steps. First, one must file a Utility Patent Application. “Utility patents may be granted to anyone who invents or discovers any new and useful process, machine, article of manufacture, or compositions of matters, or any new useful improvement thereof” (United States, 2008). Other patent classifications include design patents and plant patents, which include applications apart.
A Nonprovisional Utility Patent Application requires that all information be in English on the standard size 8 1/2 x 11inch paper. There must be a left margin of at least 1 inch. “A Nonprovisional Utility Patent application must include a specification, including a claim or claims; drawing, when necessary; an oath or Declaration; and the prescribed filing, search, and examination fees” (United States, 2008).
A transmittal form or transmittal letter that instructs the USPTO as to what actual types of papers are being filed must accompany the completed application. This letter names the applicant, the type of application, the title of the invention, the contents of the application, and any accompanying enclosures” (United States, 2008). A Fee form, application data sheet, and specification sheet should also be included. It is important to note that the title of the invention should appear as the heading on the first page of the specification letter.
Included in the form sheets, data tables, and specification outlines should be cross-references, statements regarding federal sponsorship, a summary of the invention, several different views of the invention, drawings, graphic forms, alternative positions, and legends and symbols.
In order to ensure that you are not infringing upon someone else’s patent, one may consider exploring information on actual patents online. Information on actual patents as well as applications that have recently been filed may be found online. This search is recommended in order to make sure no other company has beaten you to the process and to ensure that your company is a step ahead of the competitor. Each Tuesday, new patents are published by USPTO and may be seen on a variety of web sites. An average of 3500 patents are published every week, all of which have “gone through a strict regime of patent prosecution, and are found to satisfy all patenting conditions” (Free Patents, 2008).
Although it may be intimidating and prove to be a long and tedious process, obtaining a patent is beneficial to companies. The inquiry of the patent may inevitably help the company surpass its competition and bring in additional revenue for longer periods of time.
Citations
Free Patents Online (2004-2008). Retrieved Nov. 21, 2008 from
http://www.freepatentsonline.com/uspatents.html
Holmes, Tamara E. (2003). U.S. Patent and Trademark Office: Protecting Your
Business/Es Property. Retrieved on November 21, 2008 from
http://www.nfib.com/object/3783321.html
United States Patent and Trademark Office (2008). Retrieved November 21, 2008 from
http://www.uspto.gov/main/patents.htm
If a company depends strictly on the products it sells and/or the services it delivers, the company should consider protecting the physical and intellectual products from potentially falling into the hands of competitors. In order to prevent this occurrence, “The Patent and Trademark Office, which falls under the umbrella of the Department of Commerce, is designed to promote businesses by giving inventors the right to their discoveries” (Holmes, 2003).
Filing for a patent under The Patent and Trademark Office will ensure that competitors don’t use the technology unless they buy the right to use it from [the company]” (Holmes, 2003). The process of filing for a patent includes a process of several steps. First, one must file a Utility Patent Application. “Utility patents may be granted to anyone who invents or discovers any new and useful process, machine, article of manufacture, or compositions of matters, or any new useful improvement thereof” (United States, 2008). Other patent classifications include design patents and plant patents, which include applications apart.
A Nonprovisional Utility Patent Application requires that all information be in English on the standard size 8 1/2 x 11inch paper. There must be a left margin of at least 1 inch. “A Nonprovisional Utility Patent application must include a specification, including a claim or claims; drawing, when necessary; an oath or Declaration; and the prescribed filing, search, and examination fees” (United States, 2008).
A transmittal form or transmittal letter that instructs the USPTO as to what actual types of papers are being filed must accompany the completed application. This letter names the applicant, the type of application, the title of the invention, the contents of the application, and any accompanying enclosures” (United States, 2008). A Fee form, application data sheet, and specification sheet should also be included. It is important to note that the title of the invention should appear as the heading on the first page of the specification letter.
Included in the form sheets, data tables, and specification outlines should be cross-references, statements regarding federal sponsorship, a summary of the invention, several different views of the invention, drawings, graphic forms, alternative positions, and legends and symbols.
In order to ensure that you are not infringing upon someone else’s patent, one may consider exploring information on actual patents online. Information on actual patents as well as applications that have recently been filed may be found online. This search is recommended in order to make sure no other company has beaten you to the process and to ensure that your company is a step ahead of the competitor. Each Tuesday, new patents are published by USPTO and may be seen on a variety of web sites. An average of 3500 patents are published every week, all of which have “gone through a strict regime of patent prosecution, and are found to satisfy all patenting conditions” (Free Patents, 2008).
Although it may be intimidating and prove to be a long and tedious process, obtaining a patent is beneficial to companies. The inquiry of the patent may inevitably help the company surpass its competition and bring in additional revenue for longer periods of time.
Citations
Free Patents Online (2004-2008). Retrieved Nov. 21, 2008 from
http://www.freepatentsonline.com/uspatents.html
Holmes, Tamara E. (2003). U.S. Patent and Trademark Office: Protecting Your
Business/Es Property. Retrieved on November 21, 2008 from
http://www.nfib.com/object/3783321.html
United States Patent and Trademark Office (2008). Retrieved November 21, 2008 from
http://www.uspto.gov/main/patents.htm
Venture Capital
Chris Jackson, MGT 386, December 5, 2008
Venture Financing basics provide that venture capital financing is done to provide capital to companies that have started to do business. This type of financing is done primarily by rich investors as well as financial organizations such as investment banks (Basics of Venture Capital Financing, http://finance.mapsofworld.com/equity/basics-of-venture-capital.html). During this process the investor’s only concern is to see some type of return on their investment. As discussed in class, a well developed business plan or a convincing elevator pitch can give these potential investors the ability to interpret what type of business you may be pursuing and how you plan to make it work. Most of all they want to know how you can give them a substantial return on their investment. They will do so by receiving dividends and some ownership in hopes that the company will one day have an Initial Public Offering (IPO), which will benefit everyone that either put time or money into that developing company.
As for the size and scope of the venture capital industry in the United States, “it is enormous,” (The Practical Lawyer, http://files.ali-aba.org/thumbs/datastorage/lacidoirep/articles/PL_TPL0702-Tannenbaum_thumb.pdf). In 2005, there were 2,200 reported venture capital transactions at an estimate of close to $20 billion in volume. That number grew in 2006, increasing to an annualized rate of $22 billion of total venture capital transactions. This may only be miniscule when compared to the entire economy in the United States at that time, but has been a booming industry that has continued to increase in volume until recently when our economy went under somewhat of a mini-recession. The Practical Lawyer also states that, “Venture Capital in the United States, however, is more than just another source of capital. It constitutes and industry, a culture, and a mystique that is uniquely American.” As of 2006, there were approximately 798 venture capital firms in the United States, and these firms managed about $236 billion (National Venture Capital Association, http://www.nvca.org/faqs.html).
According to recent studies, “the failure rate can be quite high, and in fact, anywhere from 20 to 90 percent of portfolio companies may fail to return on the VC’s investment,” (My Capital, http://www.mycapital.com/Veneture%20Capital%20101_MyCapital.pdf). Though most of these investments fail, the ones that succeed usually earn a return on investment anywhere from 300 to 2,000 percent. This is an astronomical amount of money, and is one of the reasons that venture capitalists are known as moderate risk-takers. Most venture capitalists provide their investments for the long-term and not so much for the short-term, which provides that they will more than likely back the company even in the roughest of times for the fact that it is their money at stake. Venture Capitalists usually invest in young, private companies that have great potential for innovations and growth.
If you are wondering where these venture capitalists obtain this vast amount of wealth to make such a risky investment, “they raise their funds from institutional investors, such as pension funds, insurance companies, endowments, foundations and high net worth individuals” (My Capital, http://www.mycapital.com/Veneture%20Capital%20101_MyCapital.pdf). There are obviously inherent risks, but if the ideas are good and there is a valid business plan that has the potential for growth and innovation, then companies will find viable opportunities to help them through the seed, start-up, second, third, and bridge/pre-public stages with lucrative success in the balances. For those who do make it, they are considered great success stories and should be validated as such.
Venture Financing basics provide that venture capital financing is done to provide capital to companies that have started to do business. This type of financing is done primarily by rich investors as well as financial organizations such as investment banks (Basics of Venture Capital Financing, http://finance.mapsofworld.com/equity/basics-of-venture-capital.html). During this process the investor’s only concern is to see some type of return on their investment. As discussed in class, a well developed business plan or a convincing elevator pitch can give these potential investors the ability to interpret what type of business you may be pursuing and how you plan to make it work. Most of all they want to know how you can give them a substantial return on their investment. They will do so by receiving dividends and some ownership in hopes that the company will one day have an Initial Public Offering (IPO), which will benefit everyone that either put time or money into that developing company.
As for the size and scope of the venture capital industry in the United States, “it is enormous,” (The Practical Lawyer, http://files.ali-aba.org/thumbs/datastorage/lacidoirep/articles/PL_TPL0702-Tannenbaum_thumb.pdf). In 2005, there were 2,200 reported venture capital transactions at an estimate of close to $20 billion in volume. That number grew in 2006, increasing to an annualized rate of $22 billion of total venture capital transactions. This may only be miniscule when compared to the entire economy in the United States at that time, but has been a booming industry that has continued to increase in volume until recently when our economy went under somewhat of a mini-recession. The Practical Lawyer also states that, “Venture Capital in the United States, however, is more than just another source of capital. It constitutes and industry, a culture, and a mystique that is uniquely American.” As of 2006, there were approximately 798 venture capital firms in the United States, and these firms managed about $236 billion (National Venture Capital Association, http://www.nvca.org/faqs.html).
According to recent studies, “the failure rate can be quite high, and in fact, anywhere from 20 to 90 percent of portfolio companies may fail to return on the VC’s investment,” (My Capital, http://www.mycapital.com/Veneture%20Capital%20101_MyCapital.pdf). Though most of these investments fail, the ones that succeed usually earn a return on investment anywhere from 300 to 2,000 percent. This is an astronomical amount of money, and is one of the reasons that venture capitalists are known as moderate risk-takers. Most venture capitalists provide their investments for the long-term and not so much for the short-term, which provides that they will more than likely back the company even in the roughest of times for the fact that it is their money at stake. Venture Capitalists usually invest in young, private companies that have great potential for innovations and growth.
If you are wondering where these venture capitalists obtain this vast amount of wealth to make such a risky investment, “they raise their funds from institutional investors, such as pension funds, insurance companies, endowments, foundations and high net worth individuals” (My Capital, http://www.mycapital.com/Veneture%20Capital%20101_MyCapital.pdf). There are obviously inherent risks, but if the ideas are good and there is a valid business plan that has the potential for growth and innovation, then companies will find viable opportunities to help them through the seed, start-up, second, third, and bridge/pre-public stages with lucrative success in the balances. For those who do make it, they are considered great success stories and should be validated as such.
Patents
Patents
Christopher Black, MGT 386, 12/04/2008
A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office (http://www.uspto.gov/go/pac/doc/general/#patent). Technically a patent is used in order to make sure that other people cannot use your invention for any reason. After receiving a patent you have 17 years from the date the application was filed. These patents are only enforced within the borders of the United States. Typically there are three different types of patents. Utility patents are those that are granted to an inventor or a person that discovers any new process, machine, composition of matter, or improvement of any kind. Design patents are used for a case when a person invents a new article of manufacture and a plant patents is granted for a discovery or new invention of a plant and asexually reproduces it. After an inventor has established a product it is important to make sure that they follow the proper guidelines to protect the product. It can be expensive and usually requires a patent attorney. To receive a U.S patent there are twelve steps that should be taken for the inventors safety. For example, the inventor of the memory card, data exchange system, and date exchange method that filed for the patent November 27, 2008 had to follow these next steps (http://www.freepatentsonline.com/y2008/0295180.html). First, preparation and submission of a disclosure in written form to designated company managers of the idea for initial review and summary evaluation. It is then reviewed by designated company managers of the idea and then its technical working essentials are identified and determined if they meet the patent merit requirements. The company managers then decide whether and how to proceed with commercial development of the idea and whether or not to seek patent protection. Next, an in-person meeting with the inventor, patent counsel, and company managers is held to help determine and decide what is or should be the broadest possible innovation in commercial and non-commercial terms; and to detail and characterize inventorship, the number and types of commercial formats, kinds of variations, preferred embodiments and minimum essential parts, operation limits and optimal use ranges. Then, the first draft text of the patent application is prepared, revision of the first draft, a second draft is prepared and the final changes are made to the application. Lastly, the required documents and fee payments are submitted along with the final approved patent application manuscript (http://ezinearticles.com/?Twelve-Steps-To-Filing-A-U.S.-Patent-Application&id=253307.). This total process results in at very least 58 hours of time and $9,360. A patent search is not necessary but is highly recommended. In order to receive the proper credit for your product a patent is necessary. Receiving a patent is hard work, expensive, and time consuming but in the end it is worth it.
Christopher Black, MGT 386, 12/04/2008
A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office (http://www.uspto.gov/go/pac/doc/general/#patent). Technically a patent is used in order to make sure that other people cannot use your invention for any reason. After receiving a patent you have 17 years from the date the application was filed. These patents are only enforced within the borders of the United States. Typically there are three different types of patents. Utility patents are those that are granted to an inventor or a person that discovers any new process, machine, composition of matter, or improvement of any kind. Design patents are used for a case when a person invents a new article of manufacture and a plant patents is granted for a discovery or new invention of a plant and asexually reproduces it. After an inventor has established a product it is important to make sure that they follow the proper guidelines to protect the product. It can be expensive and usually requires a patent attorney. To receive a U.S patent there are twelve steps that should be taken for the inventors safety. For example, the inventor of the memory card, data exchange system, and date exchange method that filed for the patent November 27, 2008 had to follow these next steps (http://www.freepatentsonline.com/y2008/0295180.html). First, preparation and submission of a disclosure in written form to designated company managers of the idea for initial review and summary evaluation. It is then reviewed by designated company managers of the idea and then its technical working essentials are identified and determined if they meet the patent merit requirements. The company managers then decide whether and how to proceed with commercial development of the idea and whether or not to seek patent protection. Next, an in-person meeting with the inventor, patent counsel, and company managers is held to help determine and decide what is or should be the broadest possible innovation in commercial and non-commercial terms; and to detail and characterize inventorship, the number and types of commercial formats, kinds of variations, preferred embodiments and minimum essential parts, operation limits and optimal use ranges. Then, the first draft text of the patent application is prepared, revision of the first draft, a second draft is prepared and the final changes are made to the application. Lastly, the required documents and fee payments are submitted along with the final approved patent application manuscript (http://ezinearticles.com/?Twelve-Steps-To-Filing-A-U.S.-Patent-Application&id=253307.). This total process results in at very least 58 hours of time and $9,360. A patent search is not necessary but is highly recommended. In order to receive the proper credit for your product a patent is necessary. Receiving a patent is hard work, expensive, and time consuming but in the end it is worth it.
Steps to File for a Patent
-Steps to file for a patent-
By Melanie Brown, MGT 386, 12/5/2008
1. You must have a title for an invention
2. An attorney docket number is not required but may help when searching for the patent application
3. First name of the inventor.
4. There is an option for a middle name but it is not required.
5. Last name must be provided
- Each inventor must be named, using the steps listed above, but the first name will be the first named inventor.
6. A correspondence address must be provide if the eFiler does not have a customer number
-customer numbers will be provided by the USPTO and are used to simplify the submission of an address change, to appoint a practitioner, or to designate the fee address for a patent.
7. List the files that need to be submitted. Files that are submitted must be in .pdf, .txt, or .zip format.
-you must select the option yes or no if your .pdf file has multiple documents.
8. Use the category box to describe the document overall.
9. The document description box is provided to describe all the form and documents that are received and processed in the USPTO. The descriptions should have corresponding document code which are established and managed in IFW.
10. You are given the option to review your files and attach more files if needed.
11. Select your current business is a large entity or small entity.
12. Select if you are changing your business size from a large entity or small entity, or visa versa.
13. Select all patent application filing fees that apply to you.
14. Select all claims that apply to your application as well.
15. Select your petition filing fee that apply to your application.
16. Confirm and submit your application.
17. Pay fees
18. Confirm the method of payment you have chosen.
19. Save and/or print out receipt.
http://www.uspto.gov/ebc/portal/sandbox/efs0-3-0.htm
I believe that a patent search is necessary. You have to be extremely detailed when filing for your patent. You also need to know if someone else has already had any of the same idea as you. Also being more detailed keeps other people from using your ideas. The more detailed you can be the better off you will be.
By Melanie Brown, MGT 386, 12/5/2008
1. You must have a title for an invention
2. An attorney docket number is not required but may help when searching for the patent application
3. First name of the inventor.
4. There is an option for a middle name but it is not required.
5. Last name must be provided
- Each inventor must be named, using the steps listed above, but the first name will be the first named inventor.
6. A correspondence address must be provide if the eFiler does not have a customer number
-customer numbers will be provided by the USPTO and are used to simplify the submission of an address change, to appoint a practitioner, or to designate the fee address for a patent.
7. List the files that need to be submitted. Files that are submitted must be in .pdf, .txt, or .zip format.
-you must select the option yes or no if your .pdf file has multiple documents.
8. Use the category box to describe the document overall.
9. The document description box is provided to describe all the form and documents that are received and processed in the USPTO. The descriptions should have corresponding document code which are established and managed in IFW.
10. You are given the option to review your files and attach more files if needed.
11. Select your current business is a large entity or small entity.
12. Select if you are changing your business size from a large entity or small entity, or visa versa.
13. Select all patent application filing fees that apply to you.
14. Select all claims that apply to your application as well.
15. Select your petition filing fee that apply to your application.
16. Confirm and submit your application.
17. Pay fees
18. Confirm the method of payment you have chosen.
19. Save and/or print out receipt.
http://www.uspto.gov/ebc/portal/sandbox/efs0-3-0.htm
I believe that a patent search is necessary. You have to be extremely detailed when filing for your patent. You also need to know if someone else has already had any of the same idea as you. Also being more detailed keeps other people from using your ideas. The more detailed you can be the better off you will be.
Tuesday, November 18, 2008
Fake Quiz for Chapter 14
For those of you who would like a second look at the fake quiz from Chapter 14:
Monday, November 17, 2008
UA Campus Global Entrepreneurship Events
The Entrepreneurship Club has several events planned this week that we would like you to be aware of. Here are two:
1.Tuesday 11/18/08 @ 6pm in Alston Parlor - Haskell Slaughter Law Firm from Birmingham will have a presentation regarding entrepreneurship in China and India. This firm is highly respected for their work with businesses in both countries.
2.Wednesday 11/19/08 @ 1pm Alston 40 - Brian Davis, director of the Alabama International Trade Center, who will talk about the details behind launching an import/export business. Reservations are required because lunch will be provided. The club asks those attending to bring their own drink
(Refreshments will be provided for the first event; an RSVP is requested for both; danny.phillip.smith@gmail.com)
I will award three points of extra credit to your scores on the second exam (worth two questions) if you attend either of these events. I will award you six points of extra credit to your second exam score (worth four questions) if you attend both events.
1.Tuesday 11/18/08 @ 6pm in Alston Parlor - Haskell Slaughter Law Firm from Birmingham will have a presentation regarding entrepreneurship in China and India. This firm is highly respected for their work with businesses in both countries.
2.Wednesday 11/19/08 @ 1pm Alston 40 - Brian Davis, director of the Alabama International Trade Center, who will talk about the details behind launching an import/export business. Reservations are required because lunch will be provided. The club asks those attending to bring their own drink
(Refreshments will be provided for the first event; an RSVP is requested for both; danny.phillip.smith@gmail.com)
I will award three points of extra credit to your scores on the second exam (worth two questions) if you attend either of these events. I will award you six points of extra credit to your second exam score (worth four questions) if you attend both events.
Sports + Tech = $$$
Sportvision is the company that brought the strike box and the yellow first-down line to TV sports. Read more on Fortune.com about this $25M company that is changing how we watch sports on TV.
Need cash for your business?
Online lending sites that facilitate loans between friends and family aren't immune to the economic meltdown, but they do offer an option to those in need of fast cash. And you don't have to go to the bank. Read more on Fortune.com.
Friday, November 14, 2008
Social Video Viewing on MTV
MTV's Backchannel is a multiplayer online game based on the hugely popular scripted reality soap The Hills. Viewers slings barbs and one-liners for points in the game, which is designed to be played while The Hills airs. As the show's celebutants bicker and gossip on TV, users fire off comments in a web-based chat room (see image above).
As television audiences migrate online, media companies are eyeing social networking as a possible killer app for hooking viewers through their laptops. From simple chat rooms to unique games, the race is on to develop content that complements traditional shows — the more creative and addictive the better. Read more on Wired.com...
Social Video Viewing on MTV
MTV's Backchannel is a multiplayer online game based on the hugely popular scripted reality soap The Hills. Viewers slings barbs and one-liners for points in the game, which is designed to be played while The Hills airs. As the show's celebutants bicker and gossip on TV, users fire off comments in a web-based chat room (see image above).
As television audiences migrate online, media companies are eyeing social networking as a possible killer app for hooking viewers through their laptops. From simple chat rooms to unique games, the race is on to develop content that complements traditional shows — the more creative and addictive the better. Read more on Wired.com...
No, We Really Are Living in a Golden Age of Television
After "dogging" the cable broadcasting offerings yesterday, I found out about a show on MOJO HD called "Start-up Junkies." Watch for free on Hulu.com.
No, We Really Are Living in a Golden Age of Television
After "dogging" the cable broadcasting offerings yesterday, I found out about a show on MOJO HD called "Start-up Junkies." Watch for free on Hulu.com.
Fund Raiser for Not-for-Profit Organization at Sigma Chi House, Friday, November 14 at 5pm
Please join the members of Sigma Chi at 5pm this Friday night (November 14, 2008) for some BBQ and Live Band (Junction Senators) to assist in bringing “Hope” to those who are disabled. Your $5 cover charge will be used to help finance a not-for-profit organization ("Absolute Hope") that will provide physical therapy services to the disabled.
Fund Raiser for Not-for-Profit Organization at Sigma Chi House, Friday, November 14 at 5pm
Please join the members of Sigma Chi at 5pm this Friday night (November 14, 2008) for some BBQ and Live Band (Junction Senators) to assist in bringing “Hope” to those who are disabled. Your $5 cover charge will be used to help finance a not-for-profit organization ("Absolute Hope") that will provide physical therapy services to the disabled.
Fund Raiser for Not-for-Profit Organization at Sigma Chi House, Friday, November 14 at 5pm
Please join the members of Sigma Chi at 5pm this Friday night (November 14, 2008) for some BBQ and Live Band (Junction Senators) to assist in bringing “Hope” to those who are disabled. Your $5 cover charge will be used to help finance a not-for-profit organization ("Absolute Hope") that will provide physical therapy services to the disabled.
University of Alabama Entrepreneurship Club Facebook
Do you have your own Facebook page? Are you interested in getting involved with entrepreneurship at the University of Alabama? Become a member of the Entrepreneurship Club's Facebook page to find out about events and activities on campus.
University of Alabama Entrepreneurship Club Facebook
Do you have your own Facebook page? Are you interested in getting involved with entrepreneurship at the University of Alabama? Become a member of the Entrepreneurship Club's Facebook page to find out about events and activities on campus.
University of Alabama Entrepreneurship Club Facebook
Do you have your own Facebook page? Are you interested in getting involved with entrepreneurship at the University of Alabama? Become a member of the Entrepreneurship Club's Facebook page to find out about events and activities on campus.
Thursday, November 13, 2008
University of Alabama Celebrates Global Entrepreneurship Week
November 17 through 21 mark important activities in entrepreneurship on the University of Alabama campus. Read more..
University of Alabama Celebrates Global Entrepreneurship Week
November 17 through 21 mark important activities in entrepreneurship on the University of Alabama campus. Read more..
University of Alabama Celebrates Global Entrepreneurship Week
November 17 through 21 mark important activities in entrepreneurship on the University of Alabama campus. Read more..
Social Video Viewing on MTV
MTV's Backchannel is a multiplayer online game based on the hugely popular scripted reality soap The Hills. Viewers slings barbs and one-liners for points in the game, which is designed to be played while The Hills airs. As the show's celebutants bicker and gossip on TV, users fire off comments in a web-based chat room (see image above).
As television audiences migrate online, media companies are eyeing social networking as a possible killer app for hooking viewers through their laptops. From simple chat rooms to unique games, the race is on to develop content that complements traditional shows — the more creative and addictive the better. Read more on Wired.com...
We are living in a Golden Age of television
Naysayers will do well to inspect the offerings on November 12, 2008. Does TV get any better than when Dog the Bounty Hunter and his team become judges of elementary school talent contests? Am I the only person who thinks broadcast media could do a little better?
We are living in a Golden Age of television
Naysayers will do well to inspect the offerings on November 12, 2008. Does TV get any better than when Dog the Bounty Hunter and his team become judges of elementary school talent contests? Am I the only person who thinks broadcast media could do a little better?
Dorm Room Biz at Radford University
Chris Pund is a 21-year-old student at Radford University who has started two businesses: an eBay store and a web site development business. He writes about his experiences and those of others on Dorm Room Biz.
Dorm Room Biz at Radford University
Chris Pund is a 21-year-old student at Radford University who has started two businesses: an eBay store and a web site development business. He writes about his experiences and those of others on Dorm Room Biz.
Dorm Room Biz at Radford University
Chris Pund is a 21-year-old student at Radford University who has started two businesses: an eBay store and a web site development business. He writes about his experiences and those of others on Dorm Room Biz.
Wednesday, November 12, 2008
Lego and intellectual property protection
An EU court rules that Lego rival Mega Brands can keep selling knockoff bricks, according to the Associated Press.
Lego has been around forever -- this year it celebrated the 50th anniversary of the classic system brick. But this great accomplishment is also a weakness, as all its patents have expired. Read more about this at Wired.com...
Lego has been around forever -- this year it celebrated the 50th anniversary of the classic system brick. But this great accomplishment is also a weakness, as all its patents have expired. Read more about this at Wired.com...
Entrepreneur Magazine on Student Businesses
College life can go beyond classes, keggers and cramming for finals. Why not start your own business? These enterprising students did. Did you ever consider becoming a manufacturer of dormitory furniture? Read how four students at Santa Clara University did...
Entrepreneur Magazine on Student Businesses
College life can go beyond classes, keggers and cramming for finals. Why not start your own business? These enterprising students did. Did you ever consider becoming a manufacturer of dormitory furniture? Read how four students at Santa Clara University did...
Entrepreneur Magazine on Student Businesses
College life can go beyond classes, keggers and cramming for finals. Why not start your own business? These enterprising students did. Did you ever consider becoming a manufacturer of dormitory furniture? Read how four students at Santa Clara University did...
Friedman on ICE resident survey
The student residents of Friedman Hall have spoken about what they want in an experiential dormitory that emphasizes innovation, creativity, and entrepreneurship. Many want to emphasize social networks and opportunities to develop contacts with recruiters, entrepreneurs, creative individuals, and potential employers. Others simply want to learn how to be more creative. Most want to learn how to start their own businesses and want to do so by engaging in projects. Look for project opportunities in the near future! Follow this link to view the results of the survey.
Google, Facebook, Yahoo, Microsoft: Student entrepreneurs making impact
Google, Facebook, Yahoo, and Microsoft share more than multibillion dollar valuations. These technology titans have another striking resemblance: They were all founded by university students.
While the frequency with which new young multimillionaires are minted may have decreased since the technology bubble, a more lasting trend in student entrepreneurship is now on the rise. Dorm rooms across the country are abuzz with creative business ideas that may lay the groundwork for a paradigm shift in the next generation of entrepreneurs.
Google, Facebook, Yahoo, Microsoft: Student entrepreneurs making impact
Google, Facebook, Yahoo, and Microsoft share more than multibillion dollar valuations. These technology titans have another striking resemblance: They were all founded by university students.
While the frequency with which new young multimillionaires are minted may have decreased since the technology bubble, a more lasting trend in student entrepreneurship is now on the rise. Dorm rooms across the country are abuzz with creative business ideas that may lay the groundwork for a paradigm shift in the next generation of entrepreneurs.
Google, Facebook, Yahoo, Microsoft: Student entrepreneurs making impact
Google, Facebook, Yahoo, and Microsoft share more than multibillion dollar valuations. These technology titans have another striking resemblance: They were all founded by university students.
While the frequency with which new young multimillionaires are minted may have decreased since the technology bubble, a more lasting trend in student entrepreneurship is now on the rise. Dorm rooms across the country are abuzz with creative business ideas that may lay the groundwork for a paradigm shift in the next generation of entrepreneurs.
College student provides mobile laundry service
Times haven't changed much. Freshmen attend college miles away from home with little money, no transportation and using what little time they have after studies doing that dreaded laundry. Tuskegee University student Bernard Height, a junior sales and marketing major, came up with a solution. Read more at Tuskegee University's web site.
College student provides mobile laundry service
Times haven't changed much. Freshmen attend college miles away from home with little money, no transportation and using what little time they have after studies doing that dreaded laundry. Tuskegee University student Bernard Height, a junior sales and marketing major, came up with a solution. Read more at Tuskegee University's web site.
College student provides mobile laundry service
Times haven't changed much. Freshmen attend college miles away from home with little money, no transportation and using what little time they have after studies doing that dreaded laundry. Tuskegee University student Bernard Height, a junior sales and marketing major, came up with a solution. Read more at Tuskegee University's web site.
Dorm Room Entrepreneurs
Many businesses have started in dorm rooms, but not in dorms specifically dedicated to nurturing the entrepreneurial dreams of students. The University of Maryland has opened a dorm that fosters the formation of companies as part of the Hinman Campus Entrepreneurship Opportunities program, the Boston Globe reported today in "Great Ideas 101." Outside of the dorm, the students study typical college topics like English, engineering, business, but at the Hinman dorm, they're encouraged to start innovative businesses through a series of weekly seminars on starting and running a business, and the help they receive from UMD faculty. Read more at Inc.com...
Dorm Room Entrepreneurs
Many businesses have started in dorm rooms, but not in dorms specifically dedicated to nurturing the entrepreneurial dreams of students. The University of Maryland has opened a dorm that fosters the formation of companies as part of the Hinman Campus Entrepreneurship Opportunities program, the Boston Globe reported today in "Great Ideas 101." Outside of the dorm, the students study typical college topics like English, engineering, business, but at the Hinman dorm, they're encouraged to start innovative businesses through a series of weekly seminars on starting and running a business, and the help they receive from UMD faculty. Read more at Inc.com...
Dorm Room Entrepreneurs
Many businesses have started in dorm rooms, but not in dorms specifically dedicated to nurturing the entrepreneurial dreams of students. The University of Maryland has opened a dorm that fosters the formation of companies as part of the Hinman Campus Entrepreneurship Opportunities program, the Boston Globe reported today in "Great Ideas 101." Outside of the dorm, the students study typical college topics like English, engineering, business, but at the Hinman dorm, they're encouraged to start innovative businesses through a series of weekly seminars on starting and running a business, and the help they receive from UMD faculty. Read more at Inc.com...
A Classroom Path to Entrepreneurship
The college campus can be an ideal incubator for hatching small businesses. According to the Kauffman Foundation in Kansas City, Mo., more than 2,000 colleges and universities now offer at least a class and often an entire course of study in entrepreneurship. That is up from 253 institutions offering such courses in 1985. More than 200,000 students are enrolled in such courses, compared with 16,000 in 1985. Read more about entrepreneurship on college campuses in this New York Times (May 1, 2008) story.
A Classroom Path to Entrepreneurship
The college campus can be an ideal incubator for hatching small businesses. According to the Kauffman Foundation in Kansas City, Mo., more than 2,000 colleges and universities now offer at least a class and often an entire course of study in entrepreneurship. That is up from 253 institutions offering such courses in 1985. More than 200,000 students are enrolled in such courses, compared with 16,000 in 1985. Read more about entrepreneurship on college campuses in this New York Times (May 1, 2008) story.
A Classroom Path to Entrepreneurship
The college campus can be an ideal incubator for hatching small businesses. According to the Kauffman Foundation in Kansas City, Mo., more than 2,000 colleges and universities now offer at least a class and often an entire course of study in entrepreneurship. That is up from 253 institutions offering such courses in 1985. More than 200,000 students are enrolled in such courses, compared with 16,000 in 1985. Read more about entrepreneurship on college campuses in this New York Times (May 1, 2008) story.
Russell Simmons' Creative Business Plan Contest
Entrepreneur Russell Simmons understands the spiky nature of the creative economy and has launched a new creative industries, ‘bplan like’ contest called the The Race to Be: The Creative Entrepreneurship Contest. The event is the centerpiece of this year’s Global Entrepreneurship Week (Nov. 17- Nov. 23)
The contest has three categories: film, fashion, and music. Applications can be submitted online and the finals of each categories will take place on site in spikes of industry/artistic excellence: film in LA, music in Austin, and fashion in NY. Read more on Campus Entrepreneurship.Russell Simmons' Creative Business Plan Contest
Entrepreneur Russell Simmons understands the spiky nature of the creative economy and has launched a new creative industries, ‘bplan like’ contest called the The Race to Be: The Creative Entrepreneurship Contest. The event is the centerpiece of this year’s Global Entrepreneurship Week (Nov. 17- Nov. 23)
The contest has three categories: film, fashion, and music. Applications can be submitted online and the finals of each categories will take place on site in spikes of industry/artistic excellence: film in LA, music in Austin, and fashion in NY. Read more on Campus Entrepreneurship.Russell Simmons' Creative Business Plan Contest
Entrepreneur Russell Simmons understands the spiky nature of the creative economy and has launched a new creative industries, ‘bplan like’ contest called the The Race to Be: The Creative Entrepreneurship Contest. The event is the centerpiece of this year’s Global Entrepreneurship Week (Nov. 17- Nov. 23)
The contest has three categories: film, fashion, and music. Applications can be submitted online and the finals of each categories will take place on site in spikes of industry/artistic excellence: film in LA, music in Austin, and fashion in NY. Read more on Campus Entrepreneurship.University of Waterloo - Dormitory Incubator
The University of Waterloo is giving over one of its residence halls to Velocity, a new incubator where students can collaborate on Web, mobile, and digital media applications with their fellow budding tech entrepreneurs and perhaps help breathe some life back into the incubator model. Read more...
University of Waterloo - Dormitory Incubator
The University of Waterloo is giving over one of its residence halls to Velocity, a new incubator where students can collaborate on Web, mobile, and digital media applications with their fellow budding tech entrepreneurs and perhaps help breathe some life back into the incubator model. Read more...
University of Waterloo - Dormitory Incubator
The University of Waterloo is giving over one of its residence halls to Velocity, a new incubator where students can collaborate on Web, mobile, and digital media applications with their fellow budding tech entrepreneurs and perhaps help breathe some life back into the incubator model. Read more...
Dorm as business venture launchpad
Michael Dell famously started his computer company by selling hand-assembled computers from his dormitory room. Read on CNN Money how student businesses have been increasingly enabled by changes in technology and an explosion in entrepreneurship education.
Dorm as business venture launchpad
Michael Dell famously started his computer company by selling hand-assembled computers from his dormitory room. Read on CNN Money how student businesses have been increasingly enabled by changes in technology and an explosion in entrepreneurship education.
Dorm as business venture launchpad
Michael Dell famously started his computer company by selling hand-assembled computers from his dormitory room. Read on CNN Money how student businesses have been increasingly enabled by changes in technology and an explosion in entrepreneurship education.
Victims of the Crash
Slow sales and tight credit are killing small companies unable to weather the downturn. CNN Money offers a look at seven iconic brands that died this year.
Victims of the Crash
Slow sales and tight credit are killing small companies unable to weather the downturn. CNN Money offers a look at seven iconic brands that died this year.
Kiva: Person-to-Person Microlending
Kiva is the world's first person-to-person micro-lending website. Using this site, you can directly to entrepreneurs in developing countries. This is an interesting model to let individual lenders select the person to whom they want to make a loan. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates and track repayments. Then, when you get your loan money back, you can relend to someone else in need. Here's the link: http://www.kiva.org/.
Read a blog posting from a Kiva Fellow in Indonesia.
Read a blog posting from a Kiva Fellow in Indonesia.
Kiva: Person-to-Person Microlending
Kiva is the world's first person-to-person micro-lending website. Using this site, you can directly to entrepreneurs in developing countries. This is an interesting model to let individual lenders select the person to whom they want to make a loan. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates and track repayments. Then, when you get your loan money back, you can relend to someone else in need. Here's the link: http://www.kiva.org/.
Read a blog posting from a Kiva Fellow in Indonesia.
Read a blog posting from a Kiva Fellow in Indonesia.
Senior Year Checklist from Wet Feet Press
Transitioning to life after college can be a rocky process. Find time between studying and partying during your senior year to do the following things, and you'll be on your way to smoothly adjusting to the working world before you even turn your tassel. Read this checklist to find out what you should be doing now. You may also want to "tame" your online presence.
Wet Feet Press also offers many "insider" publications that give tips on acing your case interview, taking the GMAT, or interviewing for your first job.
Wet Feet Press also offers many "insider" publications that give tips on acing your case interview, taking the GMAT, or interviewing for your first job.
Kiva: Person-to-Person Microlending
Kiva is the world's first person-to-person micro-lending website. Using this site, you can directly to entrepreneurs in developing countries. This is an interesting model to let individual lenders select the person to whom they want to make a loan. Throughout the course of the loan (usually 6-12 months), you can receive email journal updates and track repayments. Then, when you get your loan money back, you can relend to someone else in need. Here's the link: http://www.kiva.org/. Thanks to Scott Ireland for finding this site.
Read a blog posting from a Kiva Fellow in Indonesia.
Read a blog posting from a Kiva Fellow in Indonesia.
Friday, November 7, 2008
Facebook, YouTube, and Aggieland
Texas A&M University just launched a new microsite to let students post YouTube-style videos showing what life as an Aggie is all about. The site, along with a new Facebook profile, is part of a university marketing campaign called "Do You Wonder?"
Do you have a favorite YouTube video about life at the University of Alabama? Would you be interested in establishing a site for our school?
Read more at CampusTechnology.com.
Do you have a favorite YouTube video about life at the University of Alabama? Would you be interested in establishing a site for our school?
Read more at CampusTechnology.com.
Thursday, November 6, 2008
50 Cent is an angel(?) investor
50 Cent has entrepreneur-centered TV show on MTV that debuts Thursday, November 6, at 9pm central. You can read about the story on Yahoo! Biz from this link. You can also watch the trailer on MTV.com(2:00 minutes in length).
Imagine that you were going to develop a reality TV show for entrepreneurs - what would you do? What would make it worthwhile for you and the competitors? Comments below appreciated!
Imagine that you were going to develop a reality TV show for entrepreneurs - what would you do? What would make it worthwhile for you and the competitors? Comments below appreciated!
Wired.com Flagrant Cellphone Use Photo Competition
Have you been wronged by someone using a cellphone? Wired.com wants your pictures of flagrant cellphone usage. The two-week competition begins today. Read on for instructions.
Victims of the Crash
Slow sales and tight credit are killing small companies unable to weather the downturn. CNN Money offers a look at seven iconic brands that died this year.
Tuesday, November 4, 2008
Billionaire Blues
Forget about Joe the Plumber. The market meltdown is creating a new Poster Child - Joe the Meltdown Mogul. Read on at Yahoo Biz.
Sunday, November 2, 2008
Vending Machines - Make Money While You Sleep
A frequently overlooked way to make money. The Momentex business plan caused me to think a little more broadly about the vending machine industry.
The Japanese have some of the most innovative vending machines in the world. I like the parking garage machine. Images of Japanese vending machines.
Vendors of vending machines
Vending Machines Unlimited
UsedVending.com
1-800-Vending (includes a primer on what to consider before going into the business
VendWeb.com (with offerings for the "desktop" machine domain)
Trivia!
The earliest recorded "vending machine" was in 215 B.C. when the mathematician Hero described and illustrated a number of inventions conceived by himself and his teacher, Tesibius, in a book called Pneumatika. Included in the book was the plan for a completely automatic, coin-operated machine that dispensed a small amount of sacrificial water when a five-drachma coin was deposited. It is unlikely that the machine was used on a large scale, and there is no evidence to suggest that anything was sold automatically again for centuries (Source: Business and Company Resource Center).
Read more at Galenet about the industry (you may be prompted for your library username and password).
The Japanese have some of the most innovative vending machines in the world. I like the parking garage machine. Images of Japanese vending machines.
Vendors of vending machines
Vending Machines Unlimited
UsedVending.com
1-800-Vending (includes a primer on what to consider before going into the business
VendWeb.com (with offerings for the "desktop" machine domain)
Trivia!
The earliest recorded "vending machine" was in 215 B.C. when the mathematician Hero described and illustrated a number of inventions conceived by himself and his teacher, Tesibius, in a book called Pneumatika. Included in the book was the plan for a completely automatic, coin-operated machine that dispensed a small amount of sacrificial water when a five-drachma coin was deposited. It is unlikely that the machine was used on a large scale, and there is no evidence to suggest that anything was sold automatically again for centuries (Source: Business and Company Resource Center).
Read more at Galenet about the industry (you may be prompted for your library username and password).
Monday, October 27, 2008
How to Become a Rainmaker
This is one of the best books on selling that I've ever read. You can see portions of it through Google Reader: http://books.google.com/books?hl=en&lr=&id=nVoK8xKDiwkC
Thursday, October 23, 2008
Business Idea Center
Find a business that will suit your strengths and interests.
Browse over 970 business ideas that you can start today.
http://www.entrepreneur.com/businessideas/index.html
Browse over 970 business ideas that you can start today.
http://www.entrepreneur.com/businessideas/index.html
The Top 25 Home-Based Business Ideas
If you are thinking about starting your own home-based business, the available options can be overwhelming. However, there are many tried and true home-based businesses that may be just what you are looking for.
Here are the top 25 home-based business ideas, in no particular order:
- Personal trainer. If you are fitness-minded, you can start your own career as a personal trainer. Check out the National Federation of Professional Trainers for information about the certification process.
- Yoga instructor. Begin sharing your expertise with others by teaching yoga classes. There are a number of online resources, depending on the school of yoga that you practice. The Yoga Alliance Web site provides information on yoga schools, certification, insurance, and so on.
- Tutoring. You can start a business tutoring students by advertising at schools, the local YMCA, and other places frequented by families. If you have children, talk to their teachers and determine the needs of your school district.
- Business coaching. Have experience with management or some other specialized business skill? Share it with others by becoming a business coach. The International Coach Federation provides certification and a coach referral service for its members.
- Consulting. If you are an expert in your industry, such as finance, marketing, or mediation, consider beginning your own consulting business.
- Medical and legal transcription. If you have transcription skills and the necessary equipment, you can easily work from home for a variety of different companies. Check local community colleges or online for transcription training courses.
- Medical claims billing. This industry is one of the most popular work-from-home businesses — so much so that suspect companies have been popping up on the Internet and in classified advertisements. ELearners.com can help you locate transcription training courses online.
- Accounting. There are many franchises and opportunities available for certified public accountants. If you are interested in getting certified, take a look at the Web site of the American Institute of Certified Public Accountants for information on specific state requirements.
- Web design. If you can design quality Web sites, consider turning your skills into a home-based business. Although the software and hardware costs can be steep, good Web designers tend to be well-compensated for their efforts.
- Desktop publishing. Do you have a creative flair for putting together brochures and newsletters? You can offer your own desktop publishing services to other small businesses. Software can be expensive, so make sure to give applications a trial run or take a course before investing in one.
- Photography. If you are skilled with a camera, you can open your own photography studio in your home. Keep in mind that you will need space to shoot the pictures as well as a light-free space for a darkroom if you decide to process your film and print your photographs yourself.
- Home inspection. The National Association of Certified Home Inspectors Web site provides information on becoming certified to inspect homes.
- Remodeling. If you are a gifted carpenter or contractor, you can turn your passion into your own business. The SBA provides loans to experienced contractors looking to renovate homes or businesses in order to sell them.
- Interior design. If you have a flair for the creative, consider interior design. The American Society of Interior Designers Web site provides resources for aspiring interior designers, including a list of each state's requirements for licensing.
- Catering or personal chef. Consider starting your own catering or personal chef business. You can set yourself apart from competitors by providing specialized services such as low-carb or vegetarian menus. (Be advised that catering requires a "food establishment" license and catering operations require a commercially equipped kitchen that meets all state and federal health requirements. Contact your local city or county health department for more information.)
- Gift baskets. Gift basket creation is a popular and creative home-based business. Target both individuals and businesses to increase potential sales.
- Wedding planner. If you are an ace at organizing important events and have a Rolodex full of contacts, consider becoming a wedding planner. There are numerous online certification courses online, including one from Weddings Beautiful.
- Personal shopper. If you are a great shopper with an eye for people's personal styles, you can offer your services to those less inclined. In addition, consider providing a gift shopping service for those too busy to shop themselves.
- Concierge. If you have a lot of energy, a love for the mundane, and the ability to juggle multiple tasks, consider providing a personal concierge to busy business people or parents.
- Custom jewelry creation. Designing your own custom design jewelry can be a lucrative pastime. Make sure to wear your own creations as a way to drum up business.
- Computer repair. Are you the person everyone calls when they have a computer problem? Turn this into a business and start getting paid for fixing fatal errors. Check out Geeks on Call America and Rescuecom if you are interested in franchise opportunities.
- Cleaning service. If you are good at cleaning, consider offering your services to others. One way to go is with a franchise. CleanNet-USA and JaniKing are two of the largest franchisers in the cleaning market.
- Carpet cleaning service. There are many popular franchises that allow you to start your own carpet cleaning business and receive the equipment and training you need. ServiceMaster Clean and ChemDry are two of the bigger ones.
- A riding school. If you own your own barn, land, and horses, you can open your own riding school. Equisearch.com offers resources, including some useful articles on liability issues.
- Child-care services. Turn your expertise with children into one of the most popular home-based business opportunities.
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