Read this article on Business Insights Essentials and answer the following quest
ID: 418515 • Letter: R
Question
Read this article on Business Insights Essentials and answer the following questions:
How Winning Contests Helped a Startup Beyond the Launch
Entrepreneur (Online ed.)
Abstract
Entrepreneur Kris Appel funded her startup Encore Path with her $10,000 winnings from a local business plan competition. The money was used to hire a consultant and lawyers for the development of Tailwind, a rehabilitation equipment for stroke survivors. Appel says she learned of the Maryland contest for women-owned businesses in 2006 and won in March 2007. Appel adds that she has entered eight contests and won over $20,000 in services and cash. She also believes that winning has given her business credibility. She advises entrepreneurs to get some coaching when entering such contests to refine their business plans.
Abstract: COPYRIGHT 2011 Entrepreneur Media, Inc.
Goodman, Michelle. "How Winning Contests Helped a Startup Beyond the Launch.(Encore Path)(Interview)." Entrepreneur (Online ed.) (Nov 2011): NA.
An area of great interest is the ownership of student-generated intellectual property. Students involved in business plan courses and competitions have immense potential to conceive and prototype product, process, system, and service concepts within the university environment. Faculty members facilitate the innovation process in the context of their employment as university professionals. This research focuses on who actually owns the intellectual property generated. Surveys show that students feel that they own their ideas and are reluctant to share ownership with their faculty mentors. Do you agree that students own student-generated intellectual property? Explain.
Explanation / Answer
1. Entrepreneur Kris Appel has won the Contest of women-owned businesses and has helped her startup Encore Path with the own money.
As Appel is an Entrepreneur, her job is to find a new way of approach to start a new company and make some funds for that. In the beginning case itself, she has taken coaching or learned self about Women-Owned businesses and processed towards the best possible way to gain the result of $10,000. It’s not an easy job to gain the contest. It takes a lot more time to gain the coaching and implementing it. It is a way of entrepreneurship which helped her to fund the Startup as well.
2. The following answer is abstracted and explained in detail from the Journal Entrepreneurship Education for a better understanding.
As there are so many policies existed regarding the connection between students, faculty and outside enterprises, the intellectual property rights have been given to the students in particular compared to lecturers. With more contribution of research and design projects to the students, it is clear that policy has been addressed to the undergraduate students of an institution.
If the faculty is the sole purpose of owning the policies, then the clashes between the different departments will arise and there may be a less participation of students in elicitation of project signed by the faculty with enterprises. And one more thing is that the creativity is only be formed by students when they have given some part in the owning of intellectual part as they are the future entrepreneurs. But, students may become reluctant to do the project, if university ownership policies are created and enforced.
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