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The purpose of this note is to provide a brief non-technical introduction to the field of patents and their commercial implications. The note takes the perspective of the investor (entrepreneur) by describing the process of registering patents, the potential pitfalls and the possible economic benefits of having a patent.

The owners of Xantrex Technology Inc. are negotiating an injection of equity capital of $3 million. Students are asked to design a deal which is acceptable to both the venture capitalists and the owners. They must also design an appropriate shareholders' agreement. This case should be used in conjunction with Xantrex Technology Inc., case 9A96B051.

When two or more parties establish a relationship or structure a deal, one of the key issues that arises is the nature of the agency relationship between them. This technical note explains the concept of agency, outlines some of the typical agency relationships that exist in businesses, the agency problems that can arise between people and organizations and the tools that are employed to address these agency problems.