Elasticity of Demand When sales decrease when prices rise and increase when prices drop. Electrical Testing Lab Testing laboratories that are recognized by OSHA. The ETL symbol indicates certification. Embodiment A specific definition of features or method of the invention in a patent or patent application. Enforceability of Patent The patent owner has a right to sue anyone who makes, uses or sells the invention without permission. This right extends for the length of the patent plus six years under the statute of limitations to bring an infringement lawsuit. Essential Patent A patent for an invention that is necessary to implement a standard in the industry. European Article Numbering The 13-digit bar code that is compatible with the UPC. Exclusivity When the inventor and the company agree that the company will have exclusive rights to manufacture and sell the product. Exploded View A drawing that shows how the parts of the product relate to one another. Fanciful Marks These are invented or uncommon terms used as a trademark. Examples are Pepsi, Kodak and Exxon. Field of Use Limitation The scope of authorization to manufacture the product by the patent owner. Filing Date The date a patent application is filed, or, if it is mailed, the mailing date. First Right of Refusal A contract allowing a specific company the right to see your design first. You agree not to send the product or idea to other companies until you are notified that the company is not interested in the product or idea. First to Invent The person who has the right to the patent. FOB FOB is Freight on Board, a contractual term that is used when goods are shipped indicating whether the seller or buyer pays the loading and transportation costs. Footprint The space that a product takes on the store shelf or display. Freight on Board (FOB) A statement of whether the buyer or seller is responsible for paying shipment and loading costs. Gap in the Market A void in the market where customers are not being served, providing an opportunity. Generic Term Generic terms refer to a class name for goods or services, such as Live Plants or pizza.com and cannot be used as a trademark. GIGO Garbage in Garbage Out. An analysis is only as good as the information source. Goods and Services Goods are products, and services must be a real activity, must benefit someone other than the applicant and must be qualitatively different from another service. Every application must include an identification of goods and/or services.
- Monthly Meeting November 17th 2021 8pm EST/5pm PST – With Alibaba.com November 3, 2021
- Monthly Meeting October 26th 2021 8pm EST/5pm PST – How to Create a Prototype October 9, 2021
- Next NIC Monthly Meeting
9/21/21 8pm EST/5pm PST
RangeMe CEO Nicky Jackson
Connecting Inventors & Buyers- RSVP Below! September 10, 2021