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Intellectual property may be the most valuable part of a
business. In many cases this value goes unprotected and is lost.
There are three basic types of intellectual property. Each can be
protected in one or more ways. The first type of intellectual property
is an invention. An invention is a new and unique product, or a new
and unique method of solving a problem. There are two ways to
protect an invention. The technical knowledge can be protected with
patent rights, or kept secret as a trade secret. Sometimes
businesses are not aware of inventions within their own company.
This results in loss of market share and lost revenue opportunities
for licensing.
A second type of intellectual property is goodwill. Goodwill is
associated with a company’s brand of product or service. Goodwill
is built by advertising, networking, satisfying customers, referrals,
news articles, sponsorships, and other public relations activities.
The goodwill exists in the minds of the consumer as they consider
purchasing products or services that are associated with a brand.
Goodwill in a name or symbol can be protected with trademark
rights. Many small businesses spend time and money on building
goodwill in a brand name without first determining if their trademark
rights conflict with existing brands. When a business builds
goodwill in a brand and then discovers there is a conflict with an
existing brand, they may lose millions of dollars in lost revenue from
the cost of building goodwill in a new brand name.
A third type of intellectual property is the content of writings and
works of art. Valuable content is found in books, songs, music,
movies, pictures, sculptures, websites, articles, computer programs,
and other writings or works of art. The value in the content is usually
the ability of the content to inspire, inform, instruct, and entertain.
This value is protected by copyright rights. Many businesses have
employees that do not understand the value of content they are
producing, and therefore do not protect this value with copyright
rights. Often businesses or individuals obtain content without a
proper license under copyright rights, which can cost millions of
dollars in attorney fees and damages.
Intellectual Property (IP) Vs. Intellectual Property Rights:
In many cases “Intellectual Property” or “IP” is confused with
“Intellectual Property Rights”. This can be a problem for business
owners because it clouds business deals and makes it harder to
determine where the value is. Money may change hands without the
value of the IP changing hands. IP is the valuable property in a
business, and Intellectual Property Rights are the legal
mechanisms that protect the IP. An analogy can be drawn to real
property, for example a home. Possession of the physical structure
and the land are the value of the home. A deed is used as a legal
mechanism to protect the home and the ability to posses the home.
When a home is sold, the property rights are transferred through a
deed. The value to the buyer, however, is in the possession of the
home. In the same way, when IP is transferred by assignment
(sale) or licensing, the value is in the technical know-how for
inventions, in the goodwill for a brand, and in the content for writings
and works of art. The “Intellectual Property” or IP is in inventions,
goodwill, and content; and Intellectual Property Rights are in patent
rights, trade secret rights, trademark rights and copyright rights.
Contact Wayne Carroll, registered patent attorney, to protect and
sell your valuable intellectual property.
| Intellectual Property Overview |
| THE CARROLL LAW FIRM 42104 N. Venture Drive Suite C-110 Anthem, Arizona 85086 Phone: 623-551-9366 |
| Call 623-551-9366 |