WEEK-18: Invention, Intellectual Property and Business Models
Have you:
1) Summarized two kinds of licenses and explained why you chose one.
2) Imagined and outlined possibilities and described how to make them probabilities
The Invention: SQUAT SOLE
Squat Sole is a state-of-the-art training kit for those who seek an injury free work out. as we all know, the foundation of the body is the foot, with every step we take whether in a work out or day t day activities, the correct motion of the human body begins with the how you step on the foot.
I believe such knowledge will require a huge campaign to create awareness of where or how you should step while working out but with the help of the technology these days, we can tackle this issue and solve it easily with the Squat Sole.
In Squat Sole, we are creating an external shoe sole that you can put on any shoe and senses where exactly you are stepping on your foot. The concept is very simple and straight forward the Squat soles will indicate if your squat pressure you apply is good enough or not which will prevent any injury in the future. It could be further developed by connecting the shoe through an application that shows the progress of your squat step whether in the middle of the foot , on the toe or at the heal which is the recommended location.
Intellectual Property
The definition of intellectual property IP is quoted below after a research i did and found some useful information below. the IP is defined as as the following:
intellectual property refers to creations of the mind: inventions; literary and artistic works; and symbols, names and images used in commerce. Intellectual property is divided into two categories:
1) Industrial Property: such as Patents, Trademarks, Industrial designs, geographical Indications
2) Copy Right: t covers everything such as movies, films industry, music ... etc
Here are more details of the IP, its definition, patents definitions and details and many more. http://www.wipo.int.
Why Do we need to Protect our IP?
the reason all these stes are needed and securing the work is required because all the work that was done in months by myself, for instance the squat sole, could be easily copied in minutes in other organization which has louder and more efficient resources to use. below are definition of how we can protect our inventions is different ways:
Definition of Patent
Patent is the exclusive grant for an invention we made or the process we follow or a design we created that provides a new way of developing a product or services that solves any technical problem and act as a solution as well by the World Intellectual Property Origination WIPO.
Who Grants Patent?
All patents are received from the Government of Kuwait Patents Office which is located directly at the same building where the fab lab Kuwait is located.
Definition of an Industrial Design
Industrial design s any design that includes aspects of an article that also consist of 3D features such as shapes or surfaces or even 2D designs as well for instance the lines, colors or patterns.
Definition of a Trademark
it is simply the logo or the name of the product that must be secured as well to identify the service or product we are promoting. for example, i will have to protect the Squat Sole Logo designed by myself in the picture below:
Licensing
here is a list of the types of license that could be used for such inventions with its sources:
1) Mozilla public license HERE.
2) Apache License HERE.
3) Creative Common HERE .
4) W3C License (W3C) HERE .
5) Sun Public License HERE .
6) MIT License HERE.
in youtube, I found a very useful licensing tips video that explains the types of license and how technology based projects should secure thier patents as well. here is the short 10 minute video:
Summery of the Creative Common License
The below information is quoted from the CC License Page used .
The Creative Commons nonprofitable origination is set to aid everyone with free knowledge and sharing resources all around the globe. the CC is not only known for its licensing but lso for legal an technical advices it could provide the users with. CC provide a concept called CC0 that is considered as a public domain for RIGHTS holders who wants to put their domain in public befor the licensing expires. Creative commons is also knows for the ease of access due to the Internet exposure and usage in the globe. we can find all the required details within our reach in their domain. so the main point here is to share contents between share holders and RIGHTS owners legally without any conflicts.
This video explains some of the CC values .
WHY I CHOSE the Creative Common License
the reason i chose the Creative Common License in the following:
1) very easy and flexible and will take 5 minute to finish
2) It allows others to build upon your program for future development
3) the project could not be easily copied
4) future development on my project will keep my rights secured in the future
Summery of the MIT License
The below information is quoted from the MIT License Page used above.
Copyright
Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the "Software"), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sub license, and/or sell copies of the Software, and to permit persons to whom the Software is furnished to do so, subject to the following conditions:
The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software.
"THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE."
Financing my Project
I have initiated a project presentation including a financial plan to carry over the project and the 20 weeks of work to investors. the project should be ready to be pitched once I pass the Fablab and recieve my creditation as an added value to my CV.
with an internal rate of return of %27 in 3 years, a project that will be designed in Kuwait, produced in China and collected back in Abu-Dhabi, a simple fund will be created of $500,000 divided into the following scheme:
1) 35% equity by myself. a value of $175,000
2) 45% Loan by a local intity in Kuwait. a value of $225,000
3) 20% public Share (local investors) . a value of $100,000