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Patents and Business Entrepreneurial Terms

An inventor who wishes to promote an invention or an idea for a business will hear various terms that are often unknown to him as he enters into the entrepreneurial business. The first stage of entering into a new field is familiarity with commonly used terms in the business entrepreneurial field. We have reviewed a number of common terms that an inventor or entrepreneur is likely to hear while promoting their business idea, along with a brief explanation of each of these terms:

Idea - The initial stage that introduces the idea may contain a number of alternatives as different ideas. The idea is still not a practical application of the invention, but is a basis for the business enterprise. The idea often does not contain the technical solution or the technology itself; rather it is simply a thought or a creative idea, or a new ideological concept.

Innovation - The creative stage that embodies the discovery or revelation, this is generally the stage in which technical details are developed, through application of the idea. At this stage, the concept can be defined in writing or by creating principle sketches.

Patent  - The patent stage is the stage whereby the process is submitted to the Patent Authority. By way of their patent examiners, the patent authority will examine the invention, and consider whether it can be accepted as a patent. Only an invention that has received a patent certificate can be called a “patent”: during the submittal process, until a patent has been granted, the status of the invention is defined as “patent pending”. From the moment of receipt of the patent certificate, assuming the invention meets the conditions of Patent Law, the patent grants a monopoly of rights to the invention to the invention’s owner for twenty years from the date of filing the patent application.

Patent Law - Patents Law 5727-1967

Model - A physical representation of the invention intended in part to prove the feasibility of the invention, the model demonstrates the functional operation or its form. It can be used in experiments to test the upcoming product.

Model  - The first original example of the product for serial production. At this stage, the item has been tested for functionality and has already passed the development and design phases of the product.

Product Development - The development is done through applied technical stages. It is the technical refinement of the invention.

Technological Incubator - Investors that finance the initial stages of the venture usually receive a percentage stake in the project.

Business Plan - A document outlining the project, and present the advantages and disadvantages of the project. It presents the project to potential investors, detailing the necessary investments, the sales and marketing methods, the entrepreneurs, and many more details.

Patent Authority - The State of Israel’s statutory body that examines the inventions and grants patent certificates. It is headed by the Patent Commissioner, who has many administrators and patent examiners working under him, who carry out the actual patent examination.

Design - Additional protection that can be requested by the Patent Authority for the Design Department to protect the shape and design.

Trademark - Additional protection can be requested from the Trademark Department, which mainly protects names and logos.

Product Design - Generally carried out after the model works well functionally, according to the technical data industrial design of the product is done, i.e. in accordance with required data of the product, e.g. weight, size, materials used, etc.

Patent attorney - A professional licensed by the Patent Authority, under patent law.

These terms have been summarized in essence, and are by no means comprehensive. If you need more accurate information, please be in touch for get more details. In addition, if there is a term that does not appear in this short list, you are welcome to contact us for more information.
 
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