When it comes to intellectual property (IP), you may know that it has something to do with patents, trademarks, copyrights, and the often-forgotten trade secrets. All four terms describe how businesses can legally protect certain types of IP. And in case you missed our last blog:
Patents protect your inventions. It’s a property right given to an inventor by the U.S. PTO for a limited term. Inventors are given “the right to exclude others from making, using, offering for sale, or selling” the invention in the United States or “importing” the invention into the United States.
A trademark protects the brand. A registered trademark (the simplest legal definition) gives the owner of the trademark the exclusive right to use the name/brand/logo/slogan in commerce to distinguish its good and services from other businesses.
A copyright is the property right that protects an original work of authorship fixed in a tangible medium of expression (eg book, musical composition, etc).
Trade secrets protect formulas, processes, devices, techniques, methods, or other business information that companies keep private to give them a business advantage over their competitors.
Related Post: IP - The Essentials
Knowing patents, trademarks, copyrights, and trade secrets are types of IP, and what each protects is a good first step. But it doesn’t completely explain how it works as it relates to your business. Understanding that your IP is one of the most important elements of your company and that it is a business asset is critical to business operations. Therefore, it’s something you definitely want to understand, value, and protect properly.
This is particularly true during the planning and start-up phases of your business, although it’s tempting to put off thinking about IP until later. Too often, businesses wait until their operation is fully up and running, advancing through the growth phase, or when thinking about exiting your business - perhaps building it to a certain point in order to sell. Here are a few tips:
Start at the start
From the beginning you should be conscious of all of the IP you create. Keep a simple inventory of what you create, develop, invent, and what you contract with others to create on your behalf. From there you can create a strategy about what needs protection, the type of protection (more than one IP may be involved), and when to protect.
Legally secure one of the most key pieces of IP - your company name
Also, do not wait too long to legally secure one of the most key pieces of IP—your company name. When brainstorming names, you first need to check to see if any business similar to yours has already secured the name. You can do this using the USPTO electronic search system. If the name isn’t taken, you don’t have to register it right away, but you should add the ™ symbol each time you use the name in business.
Before registering, if it is registerable, you will want to do a more comprehensive search and seek legal guidance. And if you find a name that is similar more similar than not, in the same industry, be very careful about moving forward. You risk defending yourself in an infringement claim.
Be careful not to inadvertently leak your IP to others
This is true for technology startups generating innovative projects and products, creative entrepreneurs developing programs to make math fun and easy for kids, or making the next big food item to hit the shelves of Whole Foods.
All entrepreneurs should care about their IP stolen by others and take the time to file the relevant applications. It’s easy to get excited about your plans to inadvertently disclose key facts about your product or service before you actually own the IP rights.
Keep in mind what you share about your business even when you are seeking help or the financial resources to bring those plans to life.
Be mindful that all of this can affect your bottom line
This is true for technology startups generating innovative projects and products, creative entrepreneurs developing programs to make math fun and easy for kids, or making the next big food item to hit the shelves of Whole Foods. All entrepreneurs should care about their IP stolen by others and take the time to file the relevant applications.
It’s easy to get excited about your plans to inadvertently disclose key facts about your product or service before you actually own the IP rights. Keep in mind what you share about your business even when you are seeking help or the financial resources to bring those plans to life.
Check out our Intellectual Property page for more information on how we help you protect and maximize your business assets. You can also read more about Intellectual Property in Striking Business Gold, available in paperback or eBook.
Feel free to reach out to us for a consultation to get started on protecting your intellectual property.
