The Business Value Of Intellectual Property (Part 5)

Angela Grayson (Precipice IP, PLLC) and Sean Mory (LenCred, Inc.) wrap up discussions around the business value of intellectual property.  In this final episode, the discussion centers on extracting value from the intellectual property created while running a business.

Five Steps To Getting Business Value From Intellectual Property

The web series concludes by recapping prior discussions, and reminds veiewers and listeners that businesses create IP everyday while running a business. IP should be protected and leveraged to work for the business.

There are five steps to extracting value from company created IP:

  1. Consult an IP attorney early in the life of the business  
  2. Recognize when intellectual property is being created
  3. Prioritize protecting intellectual property 
  4. Register intellectual property with the USPTO
  5. Develop a plan for extracting value from IP 

Schedule A Consultation

This is Part 5 in a five part series. For a more detailed discussion about protecting the intellectual property of your business, contact Precipice IP for a consultation.

Enjoy! 

The Business Value Of Intellectual Property (Part 4)

Angela Grayson (Precipice IP, PLLC) and Sean Mory (LenCred, Inc.) continue to discuss the value of intellectual property to businesses. In this episode we discuss the value registered intellectual property with the USPTO vs. the value of unregistered rights.

Registered vs. Unregistered Intellectual Property

The value of registering IP rights with the United States Patent and Trademark Office provides additional opportunities to preserve business value through enforcement of company IP rights. Enforcing registered IP rights can work to preserve a business's competitive advantage such as certain types of damages and attorney's fees in litigation. Also, USPTO registered IP carries a presumption of validity. 

Leveraging Registered IP For Business Capital

Further, when a business looks to obtain capital by leveraging company IP, registered IP may carry more inherent value than unregistered rights.

Schedule A Consultation

This is Part 4 in a five part series. For a more detailed discussion about protecting the intellectual property of your business, contact Precipice IP for a consultation.

Enjoy,

The Business Value Of Intellectual Property (Part 3)

Angela Grayson (Precipice IP, PLLC) and Sean Mory (LenCred, Inc.resume the discussion, and in this episode, discuss the types of IP that businesses generate which can be protected. We discuss the relative straightforwardness in pursuing patent, trademark, and copyright protection for a business's most valuable creations.

Identifying Intellectual Property Created In A Business

Copyright protection can relate to web content, marketing brochures, marketing videos, logos, etc. 

Trademark protection relates to names of a product, services, or even a company name.

Trade secrets come into play when certain business information creates a business advantage, that needs to remain secret in order to benefit the business. For example, recipes, pricing information, business know-how, etc. 

As to patents, innovations related to a product's usefulness or design may qualify for patent protection.

The Goal: Extract Value From Intellectual Property

Businesses create IP everyday, and generally may not even know it, the goal is to protect and extract value.

Schedule A Consultation

This is Part 3 in a five part series. For a more detailed discussion about protecting the intellectual property of your business, contact Precipice IP for a consultation.

Enjoy!

The Business Value Of Intellectual Property (Part 2)

Angela Grayson (Precipice IP, PLLC) and Sean Mory (LenCred, Inc.continue the discussion about the value of intellectual property to any business. We discuss how pursuing patent, trademark, and copyright protection can prevent others from copying a business's most valuable assets.

Knowing When To Seek Intellectual Property Protection

When and how a business seeks protection can be important- in other words, timing can be everything. For example companies may start businesses as Facebook pages, Kickstarter campaigns, or start out selling on Amazon; but businesses need to be aware that what you don't know can hurt you when it comes to protecting the intellectual property that actually creates the value. 

Schedule A Consultation

This is Part 2 in a five part series. For a more detailed discussion about protecting the intellectual property of your business, contact Precipice IP for a consultation.

Enjoy!

The Business Value Of Intellectual Property (Part 1)

 Angela Grayson (Precipice IP, PLLC) and Sean Mory ( LenCred, Inc.) had a great discussion about the value of intellectual property to any business. The discussion centers around what IP is, why it's important, and in later videos, how to use IP to extract value for any business.  

Schedule A Consultation

This is Part 1 in a five part series. For a more detailed discussion about protecting the intellectual property of your business, contact Precipice IP for a consultation.

Enjoy!

How Protected Are Your Social Media Ads?

According to Entrepenuer.com social media ads are slated to hit $50 billion by 2019. As a small business owner, I understand the value of social media ads to the marketing of my firm. But in creating ads, business owners need to ask whether you are fully protecting and extracting the maximum value in the content you are creating.  

Let's take video ads for example.  Videos are hotter than ever right now.  And video marketing can play an enormous role in a company's success in driving new users and new subscribers to its platforms and products.  More often than not, people take for granted the impact of something as simple as a video. But videos in a well thought out marketing and branding campaign, can contribute significantly to a company's overall value. Something as simple as a video or a photo can turn into a meme and go viral.  While the goal in today's market is to share in order to create buzz and followers, by no means should a business allow others to take or misappropriate that creativity for the sake of 'Likes'.

Statistic: Most popular online video properties in the United States as of September 2016, ranked by unique viewers (in millions) | Statista

The above statistic shows the most popular online video properties in the United States in September 2016, ranked by number of unique video viewers. During the survey period, Yahoo sites were ranked third with approximately 66.09 million unique viewers. Source: Statista

To combat misappropriation, there are simple things a business can do like obtaining a copyright registration for the generated or created content, and treating as trade secret the marketing plans and customer lists.

The bottom line: Have a strategy, both marketing and brand strategy around the opportunities and risks surrounding the creation or generation of social media content. 

If your small business could use a big business lawyer, get in touch-  Info@PrecipiceIP.com

 

 

How Trade Secrets Affect Your Business

This year has been a banner year for intellectual property legislation and judicial decisions.  For example, patent law has seen big changes to long established legal precedent.  One of the big changes on the legislative front for trade secrets has been the passage and enactment of the 2016 Defend Trade Secrets Act (DTSA).

Statistic: Types of cyber attacks experienced by companies in the United States as of August 2015 | Statista

The term "trade secret" is little more than a gloried word for information that provides an economic benefit to a business where reasonable steps have been taken to keep the secret.  This information can be in the form of a recipe, customer list, marketing plan, or a wide variety of technical and non-technical content.  

Trade secrets are by far the most prevalent form of intellectual property, but I think is also, by far the most under utilized. Trade secret theft is estimated to cost US companies around $300 billion per year.  It's no wonder legislation around trade secrets had been highly anticipated!

The Act is the surprising product of bipartisan and bicameral support, though the legislation had been pending for several years before it was signed into law in May of 2016.  Essentially, the new law is a good thing for small and large businesses alike.  The law provides the ability to bring a law suit in federal court, providing the company sells products or services either interstate or in the foreign marketplace. 

When misappropriation of trade secrets has been found, the DTSA provides for the possibility of injunctive relief, monetary damages, as well as an actual seizure of the trade secret in question (in extraordinary circumstances).

Once a business owner discovers the wrongdoing, the trade secret owner only has 3 years to bring a claim.

Employee immunity from reporting violations involving company trade secrets to government regulators and authorities is one important provision that must be immediately addressed by employers who wish to recover certain types of remedies under the law.

The bottom line: Businesses can preserve company trade secrets for much less cost and effort than most other forms of intellectual property.  Preventing bad actors is much simpler and cheaper than litigating wrong doing.  

Contact Precipice IP, PLLC for your risk assessment today- Info@PrecipiceIP.com

Crowdfunding and IP Compliance
Statistic: Fastest projects to reach 1 million U.S. dollars in crowdfunding on Kickstarter as of June 2015 (in hours:minutes) | Statista

This year has already been one for the books for the technology community.  For example, we've seen the Defend Trade Secrets Act make its way into law in early May, and just last week, important provisions of the JOBS Act rule-making were made final- Crowdfunding.  While there are a host of rules around the the dos and don'ts to soliciting funds from the crowd here are just a few:

Issuer limits of raising no more that $1,000,000 in a rolling 12-month period
Investor income thresholds of $100,000 triggers certain investment limits
Issuers must use a registered SEC or FINRA intermediary (platform) to conduct the offering
Financial statements in accordance with GAAP are required of Issuers

Source: http://www.crowdfundinsider.com

While these rules mark a significant milestone in the start-up and investment community, let's not get ahead of ourselves and forget the importance proper IP compliance before diving headlong into a crowdfunding campaign. A few dos and don't's...

Do: Protect IP before disclosure  

Don't: Post or share technology before you have properly secured the appropriate and relevant IP protections. 

Do: Obtain the appropriate copyright permissions around the music, art, or other copyrighted works used in the solicitation before posting on the crowdsourcing platform.

Don't: Assume you can copy someone's original creative work without the appropriate permissions or licenses.  The result could be a take-down of the crowdfunding site, which could greatly disrupt your campaign.

Do: Obtain an IP compliance review before you begin your crowdsourcing campaign

Don't: Assume the only compliance at play is with the SEC and FINRA. Proper IP compliance could also make the difference between a successful offering or a busted one.

info@PrecipiceIP.com