Have you ever thought about Intellectual Property – patents and trademarks, copyright and the like…I’ve discovered that many people have misconceptions and some pretty weird ideas about it – what it is, how it is used, and who can use it. So, I thought I’d just clarify a few things here for you.If you’re in business, creating a ‘start-up’ or if you’re an inventor or creative type, here’s a few of those misconceptions to be wary of:
- Intellectual Property is just for technology and tech start-ups
- Patents are the only form of Intellectual Property for inventors
- Domain name = a trademark
- If you pay for it, you own it
- You can copy anything without the © symbol
- Patents mean you have the right to make or sell
- Trade secrets are easy to protect
All of these are NOT true and are just plain WRONG!
Here’s a few reasons you may need an Intellectual Property strategy
- To exclude competition
- To attract investment (including crowdfunding)
- Leverage and license
- Avoid IP loss, infringement, or business failure
If you ever want to sell your company, you need to be sure your Intellectual Property is properly protected. Why? Because, you can’t sell what you don’t own. Valuation is based on you and your business plan, but also your Intellectual Property and what it will be worth.With over 500,000 new start-ups launched monthly, most don’t protect their Intellectual Property because they don’t identify it. That can be costly!
Here are 7 Things You Can Do Now
- Identify and inventory your Intellectual Property
- Think of your Intellectual Property in all relevant contracts
- Develop and communicate your Intellectual Property protection policies in your company; make it part of your business
- Get everyone committed, including your board and senior management
- Use due diligence and other risk assessments to know where you stand
- Document and secure your Intellectual Property in a verifiable way
- Review your Intellectual Property protection and proactively manage it
Your Intellectual Property is valuable – look after it
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