CSE5ENT Entrepreneurship In Information Technology

Introduction

The purpose of this report is related to discuss about a visionary business with its description to increase understanding of others. The visionary business will be identified with a name and a legal form explaining rationality of selection. In this report, new business does not infringe anybody else’s IP can be ensured. The business will also explain one thing that can be patented. The importance of the business to register for this trademark will also be explained. In this report, one thing can also be applied in this business to protect trademark. The business will also seek international IP protection to get success in the market.

1. Visionary Business:

The visionary business is a blueprint of a business that is decided to start in the future and getting success. The visionary business is the development and manufacturing an electronic machine that can make oxygen from environment like plants and support patients in breathing. The name of the electronic machine will be “Oxinometer” and business name will be “Oxino Medical Instrument Company” under which the business can be in operations on the priority basis. The Oxino Medical Instrument Company will develop and manufacture the Oxinometer and sale in the market basically to the hospitals where commercial oxygen cylinders are used to supply oxygen for patients.

The legal form of this business is the sole proprietorship because I will be exclusive owner of this business to make all decisions before implementation in the company. The reason behind the selection of sole proprietorship form of business is the straightforward business organization and less expensive in initial cost. The sole proprietorship form of business is suitable for startup owners that can maintain sole control over the company and activities (CFI Education Inc, 2022). This form of business is suitable to convert into partnership in the future when needs to make this company large like a corporation.

2. Method to ensure that New Business does not infringe anybody else’s IP:

Such type of products at the small level is not invented in the world and the use of oxygen in the hospitals or health care organizations are based on delivery of oxygen cylinders which is used only for few hours and replaced with other filled oxygen cylinder. This process is very costly process for the healthcare organizations and the people. At this stage, the development and manufacturing of Oxinometer under Oxino Medical Instrument Company will ensure that this new business does not infringe anybody else’s IP (WIPO, 2022). This is a new machine that will take natural air basically CO₂ gases and convert them into oxygen like a plant.

Such type of machines or devices is not invented in the world for medical purposes yet. Therefore, infringing anybody else’s IP is not possible at all. It can also be ensured that Oxinometer will be a new invention which will be useful to the company to conduct its business at the global level and increase earning and become a monopoly company. The Oxinometer machine will be a great innovator to save life of patients in case of shortage of oxygen cylinders in hospitals easily and will replace the needs of oxygen cylinders in the future (WIPO, 2022).

3. Identification of one thing in business that can be patented and importance for business to register for trademark:

The patent of a business is related to secure its value in the market and protect from copying of the business by other firms. For this, the Oxinometer product of this business will be patented for startups security of business brand. The registration of the Oxinometer is important to the company to make a brand image in the market and increase sales of the product effectively and efficiently (WIPO, 2022). The product will provide a unique presence of the company in the market and brand image will attract customers to purchase the products and take its advantage.

There will be an exclusive right to the owner after registration for this Oxinometer and it will distinguish the product from other companies’ products in the future. The words, logos, and slogans will be exclusive right to use in the business operations and take advantage in promotion of the Oxinometer effectively. At this stage, it is also important for the business to register for this Oxinometer as protection and safety of the brand from infringement in the market. The registration of the Oxinometer will not confuse consumers in the marketplace and they will get only genuine product (WIPO, 2022).

4. Identification of one thing to apply for trademark protection and importance for business to register for this trademark:

The ‘logo’ of a company is generally considered as the essential sign to distinguish its products from other company’s similar products. Therefore, the logo of this business will be applied for trademark protection which cannot be copied by any other company or person in the future and affect the brand the image of the product or company. The logo will be applied for trademark protection that can be identity of the brand in the market. There will be specific recognition and identity of the brand logo in the marketplace through which the customers will take original product for use (U.S. Chamber of Commerce, 2022).

The application of logo for trademark protection is important for business to register for this trademark because it can give a sense of individuality of the brand in the marketplace. The recognition of the brand can be unique for this business to register for this trademark. The protection of logo and its brand image in the marketplace is a legal and common right to conduct businesses and secure from other companies legal action in case of any problems. Therefore, the registration of logo for trademark of the Oxino Medical Instrument Company will ensure its individual identity in the marketplace for a long-time (U.S. Chamber of Commerce, 2022).

5. Need to Seek International IP Protection:

The international IP protection is required for protection support of the knowledge and technology transfer in the international market. The maximization of global innovation is possible because of international IP protection otherwise no one will take interests to make innovative products or services (Ezell & Cory, 2019). In the global competition of the small organizations and copycats activities, the needs of international IP protection are mandatory for a company to survive and conduct its business with huge profits from international market operations.

At this stage, I also need to seek international IP protection for safety of international copycats and following guidelines for trademarks, patents and copyrights. I also need to seek international IP protection to control the manufacture, use and sale of the products freely. The international IP protection will also restrict to patents of similar product and enforce them from the use copyrighted material (Ezell & Cory, 2019).

Conclusion

After discussion on a visionary business, it can be concluded that it is legal form of this business that will be the sole proprietorship because it will provide exclusive ownership of this business to make all decisions before implementation in the company. It can also be stated that Oxinometer under Oxino Medical Instrument Company will ensure that this new business does not infringe anybody else’s IP. There will be an exclusive right to the owner after registration for this Oxinometer and it will distinguish the product from other companies’ products in the future. The application of logo for trademark protection is important for business to register for this trademark because it can give a sense of individuality of the brand in the marketplace. Further, the international IP protection is required for protection support of the knowledge and technology transfer in the international market.

References

CFI Education Inc. (2022). Types of Businesses. Retrieved from: https://corporatefinanceinstitute.com/resources/knowledge/strategy/types-of-businesses/

Ezell, S. & Cory, N. (2019). The Way Forward for Intellectual Property Internationally. Retrieved from: https://itif.org/publications/2019/04/25/way-forward-intellectual-property-internationally

U.S. Chamber of Commerce (2022). How to Protect Your Intellectual Property Internationally. Retrieved from: https://www.uschamber.com/co/start/strategy/protect-intellectual-property-internationally

WIPO. (2022). What is a trademark? Retrieved from: https://www.wipo.int/trademarks/en/