Mary Casey is founder of The Harbor Law Group in Northborough, MA and specializes in intellectual property law. Here are 10 things you need to know about intellectual property.
- THINK VALUE – Keep in mind that the value of the company is directly attributable to the value of the intellectual property.
- CLOSELY MONITOR DISCLOSURE – Require all employees, suppliers, vendors, and anyone else who has access or is likely to have access to intellectual property and other proprietary information to sign confidentiality/non-disclosure agreements.
- KEEP THE COMPETITION GUESSING – Require key employees to enter into non-competition agreements that prohibit them from engaging in a competitive business during the term of their employment with your company and for a defined period of time after they leave it, within a defined geographic area.
- CHOOSE YOUR PATENTS WISELY – Maintaining a patent-rich portfolio can be very costly. Your business/investment model must be able to support your patent budget.
- DON’T UNDERESTIMATE THE POWER OF COPYRIGHT – Federal copyright registration is not only easy and inexpensive to acquire, but it may increase the amount of awarded statutory damages if you were to prevail in litigation.
- MIND YOUR BRAND – A well-implemented branding strategy ensures customers know you’re the source of the goods or services the brand represents. Even if you don’t have a federally registered trademark, continuous use of it establishes common-law trademark rights.
- KEEP IT A SECRET! – Set up correctly, trade secrets can provide long-lasting protection for years. Consider whether the benefits of keeping something under wraps outweigh the benefits of a patent.
- INFRINGEMENT DOESN’T HAVE TO LEAD TO A LAWSUIT – If someone is infringing on your intellectual property, it may be less costly to offer them a license agreement than to engage in a lawsuit.
- THINK GLOBALLY – Understand the intellectual property laws of every country where you sell or manufacture products.
- MAKE SURE YOU OWN WHAT YOU THINK YOU OWN – Collaborative agreements should clearly state the rights granted to each party in the ownership and use of the intellectual property.
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