Mistakes and misconceptions about IP can be detrimental to the value of your IP assets and business growth in general. From misconceptions about idea protection to the dangers of late applications, business owners frequently encounter IP challenges that carry substantial financial implications.
Avoiding these common IP mistakes will strategically position your business for maximum benefit and optimal utilization of your IP assets.
Applying too late for IP Protection
The inherent value of IP stems from your ability to control its exploitation/use by exercising the exclusive rights acquired through registration (for most IP rights). Begin with IP in mind. Do not wait until it’s too late to apply for IP protection.
Conduct regular IP audits to identify existing and potential IP.
Disclosing Ideas without Protection
While ideas are not protected by IP, valuable information can be protected as IP through trade secrets when kept confidential. For certain IP rights, such as patents, novelty is essential for the grant of protection, which in some jurisdictions is granted on a first-to-file basis. Avoid disclosing information or ideas before obtaining IP protection. Use NDAs and proper documentation before any form of disclosure.
Assuming that IP Protection is Universal
Obtaining IP protection in one country does not automatically establish protection in other countries. Save for copyrights and some well-known marks and trademarks that can be protected through use in specific jurisdictions, IP Rights are territorial.
Assuming that IP Laws are the same Worldwide
Although the TRIPS Agreement establishes certain minimum standards of IP protection, members are allowed to implement laws giving more extensive protection with the freedom to implement the agreement provisions in methods appropriate to their legal systems and practice.
IP Laws are NOT the same worldwide!
Assuming that IP is only for “big” businesses
Every business has Intellectual Property. IP is not limited to large businesses, nor is it only relevant to inventors.
Begin by protecting your trademark, even if it does not seem valuable.
Not Defining Ownership
Misunderstandings about ownership of IP rights often arise when work by employees or independent contractors results in valuable IP.
It is advisable to clearly establish ownership of IP (present or future) in employment and outsourcing agreements.
