Intellectual Property Rights

Intellectual Property (IP) exists in various forms, i.e. patents, trademarks, copyrights and trade secrets. These different forms of Intellectual Property are used to protect various new ideas, new materials, new methods, and new software usable in any industry. Today, building and maintaining an IP portfolio is simpler and less expensive than in years past The first reason is due to a particular decision from the US Supreme Court that has become affectionately known as the Festo case. The second reason is because of a major legislative decision to provide for "provisional patent applications". These "provisional patent applications" are useful in protecting ideas, methods, ompositions, software, processes, and apparatus that are not yet completely tested or finished. IP is very similar to real property, in that, it can be traded, licensed and assigned like real property. The advantages of IP in protecting and growing businesses are endless. In addition, IP is used to create income from sources "outside" the traditional avenues used in a business. Beyond these reasons, Intellectual Property can be used as (1) an asset, (2) a marketing tool, (3) a tool to protect market share, (4) a source of licensing income, and (5) a tool to enhance market share with customers. The following tutorial will discuss how to identify which IP can be protected, and how to build a cost effective IP portfolio for one's business.