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Protecting your idea , innovation and product

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Protecting your idea , innovation and product

  1. 1. Protecting your Idea , Innovation and Product PresentedbyTosinAkinbode.EsqatTECHBIZseriesorganisedbyEkoInnovationCentre Jan6,2022
  2. 2. Tosin Akinbode Corporate and Tech Lawyer About Me Experience -12+ years combined In-house & Law Firm practice Industry practice-Aviation, Real Estate, Accounting, Lifestyle/Entertainment, Social Impact, Information Technology Expert • Navigating cross-border complexities of the law, compliance, and policies involving the sales of software solutions and infrastructure, emerging technologies, and product delivery. • Commercial Litigation • Corporate Governance Social Impact drive: Co-Founder, THR Media (Think Help Restore). Utilizes media and technology to help women and girls break free, recover and advocate on GBV. Education • Called to the Nigerian Bar • Masters Degree in International Commercial Law, Reading UK modules in Project finance/PPP, Commercial law, Mergers and Acquisition, Internet law, Corporate governance, Corporate Finance • Licensed Chartered Company Secretary and Administrator, Nigeria
  3. 3. Presentation Topic Protecting your Idea, Innovation, and Product Objective • Protecting your ideas, innovation, products - Know the What and How • Understand how these fundamentals (ideas, innovation, products)impact the Business strategy/model and Bottom Line (Profitability)
  4. 4. Table of Contents IDEATION INNOVATION PRODUCT SECURING FUNDING 1 2 3 4 Protect your Assets
  5. 5. Definition Source: Cambridge Dictionary IDEATION - idea generation INNOVATION -the development of new products, designs, or ideas: PRODUCT - something that is made to be sold, usually something that is produced by an industrial process
  6. 6. • What do you do? Brainstorm, Sketching, collaborative sessions, user stories 1 The Fear Idea Theft Imitation 2 The Reality This is the formulation stage. Living in fear that your idea will be stolen hinders creativity, feedback, ability to sell the unique selling point, asking the right questions to innovate with a strong focus 3 Steps to take • Document all communications • Have a Non-Disclosure Agreement or Confidentiality statement on your business plan (watermark document) • Build a prototype and publish • Register Trademark -slogan, symbol, mark 4 when an idea comes to you to in a burst of inspiration? What do you do? Ideation Innovation without execution is only Ideation The Copyright Act does not offer protection to ideas and concepts. The protection extends to a detailed expression of the idea.
  7. 7. Innovation Trade secrets, patents, trademarks, industrial designs, and copyright may separately or simultaneously be used as tools of technology protection. What is Intellectual property •Intellectual Property (IP), is the right to restrain third parties from dealing with goods, services or processes that evolve from the creativity, inventiveness of one’s intellect. 1 Categorize and Register your IP Creativity is the bedrock of any society. The Nigerian Government set up parastatals to protect these assets through registration • Copyright • Trademark • Patents/Industrial designs 2 • 3 Steps to take • Have a Non-Disclosure Agreement (Mandatory) Example of Enforceability -See case Aero contractors V. Mr. Akintayo Akingbeyin suit no NICN/LA/123/2013 • Register Intellectual properties • Have a Founders Agreement/ Register the business enterprise Innovation without execution is only Ideation Innovation concerns the commercialization of new ideas. An invention is not necessarily directly associated with commercialization. An Invention is the generation of a new idea aimed at solving a specific technical problem. Innovation can be seen as a process of interaction and feedback during the various stages of product development. Source: WIPO World Intellectual Property Organisation
  8. 8. Registration of IP rights Intellectually property rights are protected through the registration of rights with the relevant Regulatory bodies and Registry established by the Nigerian Government, such as: • Trademarks (Trade Marks Act (1967) Cap. (T13), Laws of the Federation of Nigeria, 2004.) • Patent and Designs Registry (Patents and Design Act (1990) Cap. (P2), Laws of the Federation of Nigeria, 2004) • Copyright (Copyright Act C28 Laws of the Federal Republic of Nigeria 2004) Other related offices are the National Office for Technology Acquisition and Promotion (NOTAP), the Standard Organization of Nigeria(SON), and the National Agency for Food and Drug Administration and Control (NAFDAC). All these offices run their independent registries and often interface in the discharge of their mandate. Section 251 (1) (f) 1999 Constitution of the Federal Republic of Nigeria vests exclusive jurisdiction in the Federal High Court over disputes relating to copyright, patent, trademarks and passing-off, industrial designs, and merchandise marks. In addition to its original jurisdiction, the Federal High Court sits in appeal over the proceedings of the Tribunals established by the Trademarks Act and the Patents and Designs Act. The Court of Appeal, and ultimately the Supreme Court, exercise appellate jurisdiction in relation to matters emanating from the Federal High Court.
  9. 9. Product Trade secrets, patents, trademarks, industrial designs, and copyright may separately or simultaneously be used as tools of technology protection. Regulatory concerns when preparing your business model and strategy, you need to navigate cross-border complexities of the law, compliance, and policies. • What regulatory permits are required. • Data policy • 1 Service Providers and Users • Issue terms and conditions on the website, platform/ products • Have a Service Level Agreement • As you innovate, keep up with your IP registrations. Innovation is a repeated process 2 • 3 Steps to take • Have a Non-Disclosure Agreement (Mandatory) Example of Enforceability -See case Aero contractors V. Mr. Akintayo Akingbeyin suit no NICN/LA/123/2013 • Register Intellectual properties Innovation without execution is only Ideation Taking a product to market is usually a big challenge for inventors, entrepreneurs, and enterprises, hence the concept of the innovation “valley of death”, which runs from the time the invention has been prototyped to the launching of the new product in the market. Source: WIPO World Intellectual Property Organisation
  10. 10. Secure Funding Have an elaborate business plan 1 Explore financing options with the best value proposition • Family and Friends • Crowdfunding • Investors • Private Equity • Partnerships • Bank loans 2 • 3 Steps to take • Have a Non-Disclosure Agreement (Mandatory) for Due diligence process and Investors • Include non-poaching clauses for a period ( if applicable-exposure of talents) • Register Intellectual properties • To make informed decisions, engage the services of a team of accountants, financial analysts, corporate and M& A transaction lawyers. Innovation without execution is only Ideation Before looking for more funds, it is crucial to evaluate your initial costs. Looking for extra funding might not be required if you maximize on the little you have. Starting a business venture is no mean task as it requires significant funding Source: https://www.finsmes.com/ Real time VC & Private Equity Deals and News
  11. 11. Recap •IP has been a major business driver •Regulatory compliance by enterprises could result in a positive impact on quality of the product and services that they generate. Non-compliance results in fines which impact negatively on the bottom -line (profitability)
  12. 12. CONCLUSION

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