Final

What are the differences between design and utility patents? Can a product have both design and utility patents at the same time?

- a design patent's issuance fees are usually much lower than that of a utility patent - utility 20-year term - design refers to an object's appearance. - Utility Patent: protects the way an article is used and works vs.Design Patent: protects the way an article looks

How long is a utility patent valid for?

20 years

What is the problem statement canvas? Why is it important for an entrepreneur?

A clear statement of the vision and issues helps to focus everyone involved in the project. The identified problem or need of potential customers in the market that an entrepreneur might be able to address with their product or service concept.

Who are earlyvangelists?

Early adopters who buy a startup's unfinished and untested products

Which one of the following is true (false) for differences between limited and general partnerships?

General partnership: All partners have unlimited liability - Similar to sole proprietorship, with multiple partners Limited liability partnership (LLP): All partners have limited liability and can participate in the day-to-day management of the company - Dependent on state regulations - CA only allows LLP for physicians, lawyers and accountants

Which one of the following is (not) an aspect of the novelty of business opportunities?

Price

Which of the following is (not) a component of the value proposition canvas?

Revenue Streams

Which one of the following is true (false) for trade secrets?

Trade secrets are protected under patent and trademark law

Which of the following is (not) an innovation by itself?

Wheel

Which one of the below is an example of first-round financing?

venture capitalists, commercial banks, and government assistance programs.

Which one of the following is the most general and overarching definition of a business opportunity?

Business concept that will likely result in entrepreneurial profit.

Which one of the following is (not) a business model canvas component?

Competition

If you create an original work of authorship which was commissioned by an investor, what type of intellectual property can cover your rights? Who (you or the investor) owns the rights to this IP?

Copyrights, which cover works of authorship, such as books, logos and software, 70 years In general, the individual who writes or records an original song owns the copyright in the musical work or sound recording. So if only one person is involved in the writing and recording process, then that person owns the resulting copyrights.

Which one of the following defines invention?

Creation or introduction of a novel device, method, product, process or technique for the first time.

What is the difference between emotional and quantifiable impacts of a problem statement?

Emotional is understanding the root problem is not enough & Quantifiable is quantifying the problem, Basis for the value proposition.

What is entrepreneurial profit and why is it possible?

Entrepreneurial profit is the surplus over costs - Over average profit within a given industry. - The innovator who introduces a new technique can produce at a cost below the market price and earn entrepreneurial profits. - Entrepreneurial profit is only possible if the supply-demand equilibrium is shifted

Which one of the following can be patentable?

Machines, medicines, computer programs, articles made by machines, compositions, chemicals, biogenetic materials, and processes

Entrepreneurial profit is a function of _________?

Novelty

What are the differences between a patent and a trade secret? Under which conditions a trade secret would be more beneficial for a firm compared to a patent?

Patent - A grant from the government that gives an inventor exclusive rights to an invention. one hand, and trade secrets, on the other? The law of trade secrets protects some business processes and information that are not, or cannot be, patented, copyrighted, or trademarked against appropriation by competitors.

What are the differences between a "small business idea" and an "entrepreneurial business idea"?

Small Business: no uncertainty, only risk. Entrepreneurial: High Uncertainty, along with high profits.

Which one of the following is true (false) for sole proprietorships?

Sole proprietorships can be owned by more than one person (true)

What are the three dimensions of novelty for a business opportunity?

Technology, Market, Business Model. - Technology ex. new technology at the input, process, and output. Market ex. customer segmentation, market creation, and geography. Business model ex. model to generate revenue, extract revenue from an innovation.

Which one of the following IP security options protects the color and shape of a product?

Trademarks

Which of the following is (not) a component of value?

Understand the benefits, harms, and relative costs of interventions - (price and quality) is not absolute

Which one of the below is (not) a balance sheet section?

assets, liabilities and shareholders' equity

What is the importance of context of a problem statement for an entrepreneur?

assumes all the risks and rewards of a given business venture

Which one of the following is (not) a business model canvas section?

customer value proposition, customer segments, channels, customer relationships, revenue streams, key resources, key partners, key activities, and cost structure

Which one of the below is an example of recurring revenues?

electric bill, bank account interest, tax refund, Dropbox, Apple Music

Which one of the following is true (false) for trademarks?

given a 50-year registration with no renewal. (false)

Which one of the below is true (false) for business angels?

high net-worth, individuals who make direct investments in unquoted companies in which they have no family connection

What is the definition of the secondary target audience for a service?

interested in the product, less frequent customers

If you were commissioned to create an art installation by Investor ABC for an exhibition at CDE Art Gallery, who would be the copyright owner of the work?

investor ABC

What defines a value proposition and what are the components of the Value Proposition Canvas?

is a promise of value to be delivered to, acknowledged by and enjoyed by a customer group. - Developing a value proposition is based on a review and analysis of the benefits, costs and value an organization can deliver to its customers, prospective customers, and other constituent groups within and outside the organization. • Value = Benefits - Cost

Which one of the following defines innovation?

is the process of creating value by applying novel solutions to meaningful problems

Which one of the below is (not) a balance sheet section?

revenues, expenses, and net income.

Which one of the following is true (false) for design patents?

they are valid for 14 years

Which one of the following defines indirect channels for a customer segment?

transactions through intermediaries, brokers or agents - A channel containing one or more intermediary levels.