In: Accounting
Daniel is a scientific chemist. In his spare time, he has been
trying to grow a vegetable garden. One evening after work, Daniel
buries some organic chemical waste in his backyard. Within weeks,
his garden is overgrown with vegetables. Daniel is particularly
proud of his pumpkin crop, which has produced exceptionally sweet
pumpkins. He claims that the sweetness comes from pouring honey in
the soil around the pumpkins every morning. Further experiments
indicate that a particular mixture of chemicals stimulates
excessive growth in certain plants. Daniel is keen to obtain
protection over the mixture, and his use of honey in growing
vegetables.
Advise Daniel under Intellectual Property Law.
1. Case summary
2. Fact
3. conclusion
Overview Intellectual property rights
Intellectual property rights are the rights given to a person over creation of an innovative idea out of their mind.
It gives an exclusive right to the creator over the use of his/her creation for a certain period of time
The intellectual property rights cover various kind of rights as
1. Copyrights –rights of authors and artistic works
2. Trade marks- protection of distinctive signs and geographical indications
3. Patents-protected to stimulate innovation and creation of technology
Case summary
Daniel, a scientific chemist by experiments and innovation has been able to grow organic vegetable in his backyard by creating a mix which is helpful in better growth and taste of the said vegetables. The said mixture is a distinct and innovative invention of particular chemicals and honey which has not been formulated by anyone before. Such mixture is a secret formula to sweet and quick growth of vegetables in his garden. It is his own developed formula. Daniel has given his time and resources for developing the said formula and hence he is aiming to get protection for the results of investment in the development of new technology. Thus, by the help of intellectual property rights Daniel can get an incentive and means to finance research and develop further. As patents provide rights of protection to stimulate innovation and creation of technology Daniel shall apply for the same.
Fact
If Daniel applys for patent he will be granted a right by the federal government that permits him to exclude others from making, selling or using such formula for a certain period of time.
Daniel will have to apply to the U.S. Patent and trademark office which grants patents for inventions that meet statutory criteria.
There are three different kinds of patents which could be applied for
Utility patents: These are granted ro new machines, chemicals and processes
Design patents: granted to protect unique appearances or design of a product
Plant patents: granted for invention and asexual reproduction of new and distinct plant varities including hybrids
For an item to qualify as patent Daniel shall know that it must be novel and non-obvious. It must prove that the invention is useful
Patents provide incentives for economically efficient
The patents applied would be for a limited period say 20 years
Conclusion
Efforts on innovating a mixture and right to sell sweet pumpkins in the city shall be rewarded by patenting the said mixture by applying for intellectual property rights. Such patented mixture will help Daniel earn rewards as profit from sale of sweet pumpkins which no other in the country could do and in turn boost him for further innovations.