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Oct 29 2016

Reaching for the Moon – Entrepreneurship and the Alchemy of Ideas and Relationships

 

ari-2In the coming months, I plan to cover those indispensable tips for working with various forms of intellectual property (IP) in your business, such as copyrights and trademarks.  To set the stage, I would like to touch on the desire we have as entrepreneurs to protect our “ideas”.  At the risk of bursting some bubbles, the reality is that the legal system is really not designed to protect ideas. Instead, the whole premise behind having IP legal regimes is to promote the conceptualization, application and exchange of ideas. So if this is the case, why have IP legal regimes or “protect” anything in the first place?

 Before going down a rabbit hole, let me back-up for a moment and try to clarify what I mean when I use the word “idea”. To me an idea is what comes from inspiration, like the epiphany in the mid-20th century that we could fly to the moon. Examples of innovation and creativity around this idea are everywhere, and include everything from Sinatra’s classic rendition of “Fly Me to the Moon,” to NASA’s Apollo missions, to today’s quest by Branson and others to make private space travel a reality. Our drive to innovate is so core to our humanity it bubbles up everywhere, all the time, in all corners of the universe, in all arts, fine or technical, and in all human enterprise and cultures.

So it is not the ideas, but the innovation that flows from them that is addressed by our society. One way this is done is reflected in IP legal regimes. These regimes speak to what happens when an idea is being translated into a result and made accessible to the public. This can only happen in the co-creative processes that take place in relationship with one another. In these relationships there will be intersecting interests and layered rights that arise and are engaged. Innovation in business is no less personal or fundamental to our existence as it is in other areas of our life, and like many other social imperatives can be supported by guidelines and frameworks for balancing interests and contributions to it. While the debate is always open about whether or not existing frameworks help or take away from achieving the best balance, society will always seek to find harmony through constructs for managing relationships.

The two primary issues that IP legal regimes address are who benefits from intellectual endeavour and how. In general terms, the various regimes create economic rights for creators/innovators and rights of use for the public because, after all, the governments and legal systems that grant rights in the form of patents, trademarks, copyright, industrial designs and trade secrets (confidential information) are there for and on behalf of the public.

So when NASA decides to release a chunk of its patent portfolio (under certain terms and conditions of course –http://www.sciencealert.com/nasa-just-released-56-patented-space-and-rocket-technologies-to-the-public) we are witnessing that the way things may have been done in the past can change and adapt to the way they need to be for the future, shifting the balance point in the relationship between governments, the marketplace, and the public interest.

At the end of the day, innovation is fueled by a continuing tradition of alchemy between ideas and the relationships which shape and mould them. In my experience, the ideas can be relatively easy to come by, but the magic comes from what we do in relationship with one another on our quests for the philosopher stone, or perhaps, just a little moon rock.

Ariadni Athanassiadis is the lead attorney of Kyma Professional Corporation, which provides intellectual property (IP) legal services to help your business develop and benefit from the creative efforts and assets that make it distinctive. Whether it is your brand, product, services, designs, technology or business processes, Ariadni can help design IP legal solutions which let you make the most of what you give to your business.

———————————

Ariadni Athanassiadis

Kyma Professional Corporation

T: 613-327-7245

E: ariadni@kymalaw.com

W: www.kymalaw.com

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Written by Dwania Peele · Categorized: Ariadni Athanassiadis · Tagged: Apollo, Ariadni Athanassiadis, Branson, copyright, entrepreneurship, idea, ideas and relationships, innovation, Intellectual Property, IP, Kyma Professional Corporation, legal, NASA, trademark

Feb 04 2016

6 mistakes entrepreneurs make when seeking out funding

Praveeni

Entrepreneurs often have many  “great” ideas and rely on funding in the form of a business loan or investors to bring their dreams to light.  Pitching your business and asking for funding can be an intimidating and grueling process. However if successful the payoffs can be huge. Unfortunately many entrepreneurs aren’t successful in securing the funding they require. Here’s a look at 6 mistakes entrepreneurs make when seeking out funding:

  1. Over-valuing their firm or product
    Ok you’ve got an idea- that’s great, but how much is it worth? If it’s your idea it’s probably priceless to you but how much is your business really worth? People tend to over-value their business in hopes of securing a greater investment but that very often fails. Take an objective stance when valuing your business – look at how much you’ve done in sales, your costs and how much revenue you’re really brining in. Remember sales do not denote firm value. Don’t forget to factor in your production, operational and carrying costs.
  1. Presentation & pitch is too long
    Your elevator pitch and investor presentation should be short and informative. Keep your presentation under 10 slides and make your slides concise with 3-5 points per slide. Your elevator pitch should be about a minute long at most. If you can’t summarize your business in under a minute you may need to spend more time understanding your business. No one wants to be stuck listening to a 20 slide presentation.
  1. No concept of market size
    Whenever you offer a product or service you must be aware of how large or small its market is. Whether it’s a nice or mass market item, every product/service has a market. It’s up to you as an entrepreneur to research your market and determine who your target audience is and how much of a market share you would like to capture. Remember 100% market share isn’t always a viable or profitable goal. Be realistic in your market share goals and understand the size of your market.
  1. No professional business plan

A well written, factually correct business plan can garner you the funding you               require. It’s important not to skimp on your business plan. Don’t rush it, take time     to understand the risks, opportunities and profitability of your idea. Make sure you     comprehend your product and what it will take to bring your idea to market.  Many     people overlook the financial aspect of a business plan. Projections can be                     intimidating so seek out professional help if you require it, never assume always ask.

  1. Inability to explain what problem their product solves
    Ok so you’ve got an idea – great! How can it help me? What problem will it solve? Many times entrepreneurs are unable to explain exactly how their product is useful to consumers. This can be off-putting to investors as they think – if a person can’t even explain their own product then how can they sell it? You must fully understand your product or service and how it benefits consumers. Be prepared to answer questions about your own product and your competitor’s offerings as well. The more informed you are the better.
  1. No flexibility
    When asking for funding you need to be flexible. Remember you’re asking someone else to put their trust and money in you and your business. You may not always get the offer you prefer and in some cases may have to counter offer as well. It’s good to be prepared with at least 3 different counter offers when pitching to investors. You should also be open to different kinds of offers. This doesn’t mean give away your whole company for free but listen to what they have to say and run the numbers before you decide to accept, counter or decline. Most importantly be realistic – have a realistic valuation and seek out the appropriate amount for the share you’re offering.

 

Praveeni Perera is the CEO and co-founder of Professional Edge Consulting a corporate training company based in Ottawa offering training and coaching services to clients around the world.  She can be reached via Website, Twitter, Facebook or her Blog.

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Written by Dwania Peele · Categorized: Praveeni Perera · Tagged: business, business development, business plan, Canadian Small Business Women, competitor analysis, consumers, Elevator Pitch, entrepreneur, financing, Flexibility, funding, idea, market size, over value, pitch, Praveeni Perera, presentation, priceless, Professional Edge Consulting, seed money

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