Common Mistakes Firms Make in Regard to Protecting Their Intellectual Property
Not fully recognizing the value of their intellectual property.
Not legally protecting the intellectual property that needs protecting
Not properly identifying all of their intellectual property.
Not using their intellectual property as part of their overall plan for success
The Four Key Forms of Intellectual Property
A copyright is a form of intellectual property protection that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits from the work
A patent is a grant from the government conferring the rights to exclude others from making, selling, or using an invention for the term of the patent.
It must be different from what has come before
It must have utility
It must be not obvious to a person of ordinary skill in the field
Business Method Patent
A business method patent is a patent that protects an invention that is or facilitates a method of doing business
A trademark is any word, name, symbol, or device used to identify the source or origin of products or services and to distinguish those product or services from others
Any word, name, symbol, or device used to identify and distinguish one company's goods from another
Similar to Trademarks; are used to identify the services or intangible activities of a business, rather than a business's physical products.
Determining what intellectual property to protect
Determine whether the intellectual property in question is directly related to the firm's competitive advantage
Decide whether the intellectual property in question has value in the marketplace.
Intellectual Property is any product of human intellect that is intangible but has value in the marketplace.