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At this point the idea has evolved and become an opportunity. Knowledge based businesses need to begin with crystallizing their intellectualproperty through its formal expression and theirlegitimate and enforceable right of ownership and control over the idea, whether it is in the form of patents, trademarks, copyrights, and/or even trade secrets. How it has or will become intellectual property will determine the type of protection it will require. Questions around incorporation, corporate structure, target markets and segments and timing to market need to be formalized and/or require answers. During this time work continues towards having a model of the final product and initial concepts of cost to produce are formed. Thoughts regarding candidates for a Board of Directors and Advisory Board are firmed up. Opinions begin forming around what type of business can be created or should the idea be sold to an existing enterprise to exploit. |