Doing business with no written agreement may feel like the easy, no hassle way to do business, the reality is that without a written agreement outlining the terms and expectations of the parties, companies leave the door wide open for trouble. When you don’t write down the terms of the agreement, in the event there is a dispute, you run the risk of having the court decide the issue in a way that you might not like, and in a way that will cost you.

Innovation open calls by retailers are everywhere these days from Etsy to Walmart.  Companies place open calls in hopes of finding a relatively inexpensive means of discovering the next great product compared to developing said products internally themselves.  Open calls are also of great benefit to product designers as well, because what designer has not dreamed of seeing their product or technology used or sold by a major retailer like Walmart, Target or Amazon? 

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