National IP Strategy Law Firm

All businesses have intellectual property (IP), whether they know it or not. Be it a brand, an invention, or website content, IP is an intangible asset that, when properly protected, can enhance the overall value of a business. By the same token, using the IP assets of others (no matter how innocent or unwitting that use might be) can threaten the business with liability for unanticipated costs. Establishing and implementing a sound IP strategy is critical for any company, especially innovative companies.

How to Develop an IP Strategy

The first step in developing an IP strategy is recognizing the need to have one. The second is to understand how the various types of IP protection defend a company’s intangible assets.

Generally speaking, utility patents protect inventions (functional ideas embodied in devices, methods, and compositions of matter) by excluding others from practicing the invention. A trademark is a distinctive word, symbol, or device used in connection with goods in commerce to (a) indicate the source of the goods and (b) distinguish them from goods of others. A copyright protects creative expression fixed in a tangible medium, such as videos or literary works, including computer software. Lastly, a trade secret provides a company economic value from its confidential nature.

IP Strategy Tools

The key to an effective IP strategy is knowing how and when to wield the “tools” at your disposal.

Patents

Patents protect inventions and useful functional ideas. They enable the holder to stop another from making, using, or manufacturing what is described in the claims found at the end of the patent. Patents can be incredibly valuable when tied to a successful product and linked to the other forms of IP. Our strategy with regard to patents is twofold. First, we help clients establish durable patents and defend those patents vigorously if they are violated and legal action is necessary. Second, we challenge applications before patents are issued if they appear to conflict with those of our clients. This helps weaken a competitor’s litigation or licensing position. Our tactics include targeted continuations, copycat claims, derivative proceedings, third-party submissions, and foreign protests.

Trademarks

A trademark derives its value from being a distinctive link between a product and its source. A brand represents your goodwill, your reputation, and face to the consumer. Trademarks are more valuable when they do not describe your products or services (that is to stay, they are distinct). While people are often tempted to use marks that are descriptive, descriptive marks are weak and subject to diminished protection, if they can be protected at all.

Copyrights

Copyrights protect creative expressions. Registering copyrights early provides the ability to seek statutory damages. This is important leverage when the question of actual damage is difficult to ascertain. And before you dismiss copyrights as only covering music, sculptures, and other works of art, recall that software is considered a creative expression and is protected under copyright law.

Trade Secrets

Trade secrets need to be… secret. Employees are often the source of great innovations. Consequently, their actions form a key piece of the IP protection puzzle. Solid employee agreements require employees to identify and protect each piece of IP, to mark and treat it as a valuable asset, and to provide a clear chain of title as to IP ownership.

What Are The Common Pitfalls In IP Strategy That Companies Should Avoid?

Businesses frequently run into a number of problems when creating an intellectual property (IP) strategy, which can jeopardize their attempts to safeguard and capitalize on their IP assets. Businesses may effectively protect their ideas by being aware of these risks.

Common obstacles in IP strategies:

• One common mistake is not carrying out thorough IP audits. A lot of businesses don't realize how important it is to identify all of their intellectual property, such as trade secrets, copyrights, patents, and trademarks. Businesses risk missing out on possibilities for licensing or protection if they don't have a clear inventory, leaving important assets exposed.
• Failing to match business objectives with the IP strategy is another common error. The overarching goals of the business, such as product development and market expansion, should be supported by an efficient IP strategy. To optimize the value of IP strategy, our Colorado Springs IP strategy attorneys who represent clients across the country stress how crucial it is to incorporate IP strategy into a larger business plan.
• Businesses frequently undervalue the importance of prompt IP protection. There may be a loss of rights or an increase in competition if patent applications or trademark registrations are delayed. Maintaining a competitive edge and obtaining exclusive rights require fast action.
• Companies don't always keep an eye on and uphold their intellectual property rights. IP assets might lose value due to infringement if there is no proactive enforcement. Maintaining the integrity of intellectual property rights requires both timely legal action and routine monitoring.

By avoiding these common pitfalls and working with experienced nationwide IP strategy lawyers in Colorado Springs, companies can develop robust strategies that enhance their competitive advantage and protect their valuable innovations. For experienced guidance, get in touch with Martensen IP as soon as possible.

Your Unique IP Strategy

Using these guidelines, we work with companies of all types and sizes to identify and protect their IP. And while there are some basic principles, there is no one-size-fits-all solution. Just as each company and each invocation is unique, so too must be an organization’s IP strategy.

To discuss your needs with our IP strategy attorneys, contact us online or call (719) 358-2561.