SEB725 - Engineering Entrepreneurship

Added on -2020-02-24

| SEB725| 11 pages| 2317 words| 119 views

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Running head: INTELLECTUAL PROPERTYIntellectual PropertyName of the student:Name of the University:Author Note
1INTELLECTUAL PROPERTYExecutive SummaryThe main aim of this report is to show why trademark and its registration are necessary. This report is based upon a case study which speaks about how Intellectual Property can be applied while building up a brand image for a start up irrigation enterprise. This report also shows how trademark is not only important to distinguish a product but also how it helps in building goodwill in the market.
2INTELLECTUAL PROPERTYTable of ContentsIntroduction................................................................................................................................3Discussion..................................................................................................................................4Conclusion..................................................................................................................................8Reference List:...........................................................................................................................9
3INTELLECTUAL PROPERTYIntroductionTrademark is a mark or sign which helps in distinguishing a specific product orservice from another product or service (Bently & Sherman, 2014). The trademark canconsist of letters, words, designs, pictures or symbols. It can also be a combination of any twofactors or all the factors. Trademark has become an important part in the modern businessworld as it has become important that a specific product can be differentiated from anotherproduct. The goodwill of a business or its product also depends on the trademark it is using(Corones, 2014). When a certain trademark gains importance in the market, people start torecognize the product through its distinguishing feature. Therefore, trademark is a way ofidentifying a product or service of a specific company. A trademark is a way ofdistinguishing a brand or its product. A trademark becomes well known due to its constantuse and quality. A well known trademark is preferred by customers.Intellectual Property is the wider concept of which Trademark forms a part. The otherparts which come under Intellectual Property include Patents, Copyright, Trade Secrets andothers.Coming to Australia it has a properly developed legal system. The legal system isconcrete enough to safeguard the property of businessmen and other individuals. Trademarkscan be registered for businesses as a marketing scheme. Once a trademark is registered thenthe property of the said person is legally protected. Other people are prevented from usingtheir brand. Safeguarding of property and the brand is very important because without thatsome person might steal the brand and make it their own. Following trademark protection,patent protection is also very important. In Australia patent protection exists so that no thirdparty intervention is possible. This means that if a person has patent rights then no third party

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