The Value in Intellectual Property

Intellectual Property (IP) can be difficult to appraise, bottle and protect.  A great deal of planning needs to take place to determine the best method in going about protecting your IP. Take these initial basic steps to help ensure your competitors aren’t beating you to the U.S. Patent and Trademark Office (USPTO):

• BE QUIET!
  Oh, that is a hard one for me. But don’t I want to tell the world about the great idea I have and how you won’t be able to imagine how you’ve ever gotten this far in life without it? NOPE, keep it to yourself and your patent lawyer.
• Non-Disclosure
  Your lawyer will create non-disclosure paperwork for you, and start the patent work so when the time is right, you can be confident your ‘friends’ know your idea is protected. This will also ensure protection during discussion with the lawyer, potential investors, partners, developers and other parties that will be instrumental in monetizing the service or product.
• Patent Protection
  This may be the best way to protect your IP. While it can be complex, when completed, you are the sole legal owner of your invention. Your patent will expire in 14–20 depending on the type of patent. USPTO will have more tips on determining if this is the best option for you.
• Trademarks
  If your idea is more abstract, think Coke recipe or Goggle Algorithms, these may need to be considered Trade Secrets. Trade Secrets may protect ideas that are eligible or realistic for patents or other forms of protection. Review the Uniform Trade Secrets Act to determine if this is necessary for your situation.

IP is an important asset to all businesses. For many companies, it is the most important asset. Be sure to consider all angles when establishing your company’s value. Don’t overlook an asset just because you can’t see it or touch it. More and more companies are putting IP in the assessment of worth.