Intellectual Property Notes

The government helps enforce property rights but doesn't seek out violations.
You must initiate legal action and pay for attorneys and suits to protect your IP.
Damages can be sought to cover legal costs if infringement is proven.
Protecting IP is like protecting a house; the government assists after a violation, but you're responsible for initial security measures.
Intellectual property is an increasingly vital intangible resource for company value.
Brand names can be valued in the billions of dollars.

Trademark/Service Mark: Protects logos, brand names, and images.
Copyright: Protects created works such as art, documents, and photos in a physical form.
Trade Secret: A secret that gives a business a competitive edge.
Patents:
- Design patents: Protect the physical design of something.
- Utility patents: Protect how something is used.

A word, name, or symbol that identifies a company.
Goal: Create a memorable brand image evoking positive associations.
Lifespan: Potentially forever if continuously used and renewed.
Internationally, trademark rules vary by country.
Tips for trademarks:
- Easy to remember.
- Unique.
- Recognizable.
- File for trademark protection ASAP.

Use the "TM" superscript to indicate intent to trademark, providing some state-level protection.
Actual trademark requires doing business and filing with the USPTO (US Patent and Trademark Office).
Filing is relatively inexpensive (a few hundred dollars).
Applications are reviewed to ensure it's a real business with evidence like a website and customer base.
The paperwork lasts for ten years and must be renewed.
Monitor expiration dates to avoid losing trademarks which others may then claim.
International trademarks require filing in each country.
Obtain domain names and social media accounts quickly to protect your brand.

Protects tangible or intangible works that can be perceived, reproduced, or communicated.
Lifespan:
- Businesses: 120 years from creation.
- Individuals: 70 years after death of the copyright holder.
Protection begins immediately by adding a ©, your name, and the date to your work.
Copyright protects the physical form of the work, not the ideas or information within it.
The story about Mickey Mouse showed how Disney lobbied to extend copyright laws.

A secret that gives a company a competitive edge.
Companies must actively protect their trade secrets by:
- Not telling anyone the secret.
- Requiring those who must know it to sign confidentiality agreements.
- Marking documents as proprietary trade secrets.
Trade secrets are immune from reverse engineering.
Trade secrets can be incredibly valuable because if stolen, you can shut down another company that uses it.
Trade secrets are different from non-compete agreements.
Knowing what does not work can be a trade secret.

Patents are expensive and require enforcement.
Budget around $10,000 for a good patent attorney.
Rejection on the first try is common, necessitating responses and further costs.
Lifespan:
- Utility patents: 20 years.
- Design patents: 14 years.
In exceptional cases, patents might be extended (e.g., pharmaceuticals).
Patents disclose everything, allowing competitors to copy after expiration.
Anything made by man can be patented if it is non-obvious and novel, but laws of nature cannot be patented.
Patents are now awarded to whoever files first, not the original inventor.
File in foreign countries within a year to secure international protection.