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Traklight | 85 Broads How to Prepare for Funding | IP

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How to prepare for fundraising; why care about your IP when you have no money?! Identify and Protect IP and make a plan!

How to prepare for fundraising; why care about your IP when you have no money?! Identify and Protect IP and make a plan!

Published in: Business, Education

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  • Chaos – examples of errors
  • Kaufman study – not a lot of primary research on IPIP Loss – customer list stolen, create a brand and materials but infringing, and computer code not belonging to youIt is not just legal, it is good business. Not just IP attorneys but business attorneys. TI makes more from licensing than products, 40% of US companies’ value does not appear on BS (50% in the EU)
  • Car – represents Patents – think how many different patents are in a car.Coke – design of the bottleWebsite copyrightTrademark – Coke – protect from Brand confusion – l bought the wrong cookies! Looked it up Fig Newtons 1914ish and Newmans 1997 – hmmmmmm.Coke is $100 billion dollar brand and only $40 billion on the balance sheet…
  • Ask Audience what IP for each Case.Maria’s restaurant example - Have the name, working on the signage and everything, do not use yet but want to save money and wait to file until in use (means offered for sale) BUT someone else files – they win – explain Common Law TM but you do not have because not offered (explain Breanna’s pool concept – know your rights). Trade secrets need to be protected – process or recipes – have employees sign off and mention trade secrets specifically – also trade secret is different every state but need to take reasonable steps to protect something of value.Inventor – Phillip with Smart Focus, the need to document in proper inventors’ notebook and file patents but WAIT you infringed on a TM, any funding presentation, competition (crowdfunding will end up with a huge issue because Enabling Public Disclosure – all 3 are needed. Make sure all inventors’ listed – remember that if listed do NOT have to consult with you. Example from PGCC where the first guy said he did not have IP protection and was there seeking help and the second guy left an important piece at home.Website – copyright every 3 months for blog, careful re copyright taking others’ photos – just because no C does not mean that not still copyright issue. Also if you have videos done, make sure you have the copyright.Software created by outsiders – if they violate copyright and put into your code, can be a problem if not shown (open source read the T&Cs regardless). Need to have all IP assigned. Have business attorney check documents.DO NOT FORGET ABOUT managing IP – need to look for dates, renewals, maintenance fees etc.
  • Example of startup – to show that actually patents least amount of the time - NAME, BRAND, BLOG, Customer or Supplier List, and then Invention or Product – has 100% IP. Patents are more rare for startups! Trade secrets – cheapest but can be easiest to lose.If you patented the wheel (which I found out recently is not the actual tire) if you did not have the right to make a tie rod Example of focus on IP patents, miss the boat on the others, some simple things like protecting Trade Secrets with employees.1 – Simply does not. Only protected in the US. And also actions within the US can impact outside - example patents – until March 2013 changes, once you file in US, you have disclosed your invention and kills ability for international patents. Also, if you publicly disclose your invention with enough detail, you have also killed your ability for international patents 2 – simple ex. copyright – when many parties are doing a project – like these slides to more complex & problematic – patents – if more than one person listed on a patent as owner – regardless of contribution – EACH owner has the right to independently exploit the patent WITHOUT consulting the other.Example of a person who goes to a university and gets one idea from a professor and puts into patent – are they required to list that person as an inventor?  3 – who is actual owner of the IP – if individual inventor or person who filed, need to have a formal written assignment to the Company to assign all the rights otherwise…. 4 – May have a patented process but if an exclusive license to use or sell has been executed, then important to disclose and to understand how/if that impacts your ability to attract investors. 5. For example if you have a contractor developing software for you and they in turn use some freeware and you are charging for the software. You pay the invoice for the contractor and you think that you own this new software. Issues – copyright infringement because free ware used and then resold; if you have not expressly outlined who owns the IP in the software in your contract, you may have not retained the rights to the software. Contractors are not same as employees. 
  • Multiple inventors have the right
  • Knowledge is PowerGet informed and you will save time and money.ABSOLUTELY get attorneys or consultants.
  • Infringement is real issues
  • Transcript

    • 1. "TRAKLIGHT", "ID YOUR IP", "IP VAULT", and "IP CLOUD" are registered trademarks of The PIP Vault, LLC. © MMXIII The PIP Vault, LLC. All Rights Reserved. Mary Juetten, Founder & CEO @traklight @maryjuetten April 12, 2014 PROTECTING YOUR BUSINESS IDEAS, WHY FIRST!
    • 2. Entrepreneurs’ World
    • 3. Innovation Capture is Hard
    • 4. Got Intellectual Property? Why Care… • IP theft costs US companies $250 billion annually • 100% of all companies have IP • 700K new startups annually vs. 20% protected IP after 1st year • IP is most valuable asset and not on your Balance Sheet • Exclude competition; Attract investment (incl. crowdfunding); Leverage & license • Avoid IP loss, infringement, or business failure Disclaimer: This is intended to be general information. Nothing in this presentation constitutes legal advice. Please consult with an attorney before making any intellectual property protection decisions.
    • 5. Start on the Right Trak Do NOT start with creating a: Campaign Pitch or Business Plan THIS APPLIES TO ALL FINANCING! Disclaimer: This is intended to be general information. Nothing in this presentation constitutes legal advice. Please consult with an attorney before making any intellectual property protection decisions.
    • 6. What is IP? • Patents (utility & design) • Copyright © • Trademark/Service mark TM SM ® • Trade secrets – unsung heroes NO legal advice provided!
    • 7. • Inventor • Website • Software • Restaurant • Traklight! ` Case Studies 2/ 26/ 13 11:42 AMIP Awareness Assessm ent Page 1 of 2http:/ / www.uspto.gov/ inventors/ assessment/ assessment.html Accessibility Privacy Policy Terms of Use Security Emergencies/Security Alerts Information Quality Guidelines Federal Activities Inventory Reform (FAIR) Act Notification and Federal Employee Antidiscrimination and Retaliation (NoFEAR) Act Budget & Performance Freedom of Information Act Department of Commerce NoFEAR Act Report Regulations.gov STOP!Fakes.gov Department of Commerce USA.gov Strategy Targeting Organized Piracy (STOP!) Careers Site Index Contact Us USPTO Webmaster This page is owned by Inventor Resources. Trademarks Q5. Do you control and manage the proper use of your trademark by other users you have authorized? 1. Yes. 2. No. 3. Not sure. Next Before starting the assessment, please note: Save the link for this page as a favorite/bookmark on your browser. In the “Internet Options” of your browser, deselect/uncheck history on exit. This will allow you to return and resume your assessment session in case you cannot finish it in one sitting. This will also allow you to access your training materials and assessment results at your convenience. As you are answering the assessment questions, choose the answer that best applies to your business or circumstances as an independent invento r or individual. Where applicable, cho ose all the responses that apply to your situation. Responses or data collected in the assessment are not stored or used by the USPTO or NIST MEP. Important Notice Please note that any information provided here does not constitute legal advice, but is intended to increase your IP awareness. When filing an application for obtaining specific IP rights, it is recommended that you obtain professional legal assistance. The IP Awareness Assessment contains links to external websites. USPTO does not maintain those external sites and is not responsible for the material found therein. IP Strategies & Best Practices Trademarks Copyrights Design Patents Trade Secrets Utility Patents Using Technology of Others Licensing Technology to Others International IP Rights IP Asset Tracking IP category Last Modified: February 26, 2013
    • 8. IP Misconceptions • IP is just for Tech Startups or Tech companies & Patents are the only IP for inventors. • Trade secrets are the easiest to protect because there is no registration. • You can copy anything without a copyright © • You can copyright an idea. • Domain = TM • If I pay for it, I own it. • Patents means right to make or sell.
    • 9. WHO: IP Ownership Challenges • Multiple Inventors • Who you are? Employee of another company • Proper Assignment of IP Rights – personal versus company • Assume that Ownership automatically extends outside the US
    • 10. • Idea • URL • Name • Know how • Employees • Contractors Startup Info
    • 11. Strategies to Protect IP • Do it Yourself: – USPTO.gov – Copyright.gov • Hire a Professional: – Attorney, Consultant, Legal Zoom, Rocket Lawyer • Secrets: – Notary, IP Vault, Copyright software
    • 12. CONTENT IS KING Expert Blogs Speaking Social Media PR Be very CAREFUL! Traklight blog
    • 13. Ignorance is NOT a Defense Be Careful: Video Copy Images Music
    • 14. READ READ READ Read License & Permission to Use
    • 15. Questions? Mary Juetten mejuetten@traklight.com @traklight IDENTIFY. PROTECT. SUCCEED. www.traklight.com TAKE OUR FREE RISK QUIZ USE CODE LAUNCH25 FOR 25% OFF ID YOUR IP REPORT