Terminology
Is a high-net-worth individual who provides financial backing for small startups or entrepreneurs
Angel Investors
Putting yourself in your target audience's shoes will help you to understand who they are, what challenges they face, and what they require.
Empathize
Issued by the United States government for the invention of a new product, a new process, or a new method of doing something.
Patent
The most significant role, can be a member of the Board of Directors or can report to a Board of Directors.
CEO (Chief Executive Officer)
Funds to start a business.
Capital
Are individuals who found and run their small businesses assuming all the risks and rewards
Entrepreneur
After observing and learning from your observations, focus on the needs of the customer rather than the company's goal and define a problem statement.
Define
Applies to something that has been "authored," which in this instance means a new creation – a "work "- that is not something that would be granted a patent.
Copyright
Responsible for the company's entire operations. Working with mid-level managers, the person in this position oversees smooth, cost-effective business operations.
Chief Operating Officer (COO)
A situation involving exposure to danger.
Risk
Is a business where someone agrees to operate and sell products under a company's name
Franchise
Brainstorming in a judgment-free environment collaboration is key.
Ideate
Represents a specific product. It can be a word, name, phrase, or symbol.
Trademark
Oversees all business and financial operations. Financial stability for the company is paramount.
Chief Financial Officer (CFO)
A thing given in recognition of one's service, effort, or achievement.
Reward
Is an unincorporated business with one owner
Sole Proprietorship
In this phase of the design process, the designers take the information gathered from the research and analysis and create sketches or mockups of a product could be included.
Prototype
Proprietary information that a business uses to produce its product or provide its service. It can be a chemical or mathematical formula, algorithm, program, device, method, process, or technique.
Trade Secret
Is responsible for all computer-related information technology within an organization.
Chief Information Officer (CIO)
Product franchises. Businesses (the distributors) buy and resell a variety of non-competing products or services
Distributorship
are taxed separately from their shareholders
C-Corp
Once the prototype is finalized, it will be sent to the evaluation department to reveal whether the problem has been solved or whether further refinements are necessary.
Test
For the invention or discovery of a new and useful process, machine, article of manufacture, or composition of matter, or any new and useful improvement of one.
Utility Patent
Often the first point of contact for customers and consumers when they interact with a company.
Employees
A franchise where a business (the dealer) sells one brand of product to retail consumers.
Dealership