PROTECTING A BUSINESS IDEA

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PATENTS:

> Difficult to obtain : must be based on inventions that are new or innovative

> The owner would be granted protection (up to 20 years) against competitors who try to copy.

> Key benefit is the ability to licence the right to use the invention in return for royalties

> BUT...patents are expensive and time consuming to obtain.

TRADEMARKS:

> Something which identifies a product in the eye of the customer

> Can be a name,

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