Entreprenurship

Intellectual Property
Prof. Dr. Carmen Punescu 2012
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Agenda
The term of intellectual property Major forms of intellectual property: patents, trademarks, copyrights, and trade secrets Patents Types of trademarks Types of material that are eligible for copyright protection Legal environment that facilitates trade secret protection Conducting an intellectual property audit
The Importance of Intellectual Property

Intellectual Property Is any product of human intellect that is intangible but has value in the marketplace. It is called intellectual property because it is the product of human imagination, creativity, and inventiveness. Importance Traditionally, businesses have thought of their physical assets, such as land, buildings, and equipment as the most important. Increasingly, however, a companys intellectual assets are the most important.
Determining What Intellectual Property to Protect

Criteria 1
Determine whether the intellectual property in question is directly related to the firms competitive advantage
Criteria 2
Decide whether the intellectual property in question has value in the marketplace
Common Mistakes Firms Make in Regard to Protecting Their Intellectual Property
Not properly identifying all of their intellectual property
Not fully recognizing the value of their intellectual property
Not legally protecting the intellectual property that needs protecting
Not using their intellectual property as part of their overall plan for success
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The Four Key Forms of Intellectual Property
Patents
Trademarks
Copyrights
Trade Secrets
Patents
A patent provides the owner with exclusive rights
to hold, transfer, and license the production and sale of the product or process.
Design patents last for 14 years; all others last for 20 years.
Proper Understanding for What a Patent Means

A patent does not give its owner the right to make, use, or sell an invention: rather, the right granted is only to exclude others from doing so. As a result, if an inventor obtains a patent for a new kind of computer chip, and the chip would infringe on a prior patent owned by Intel, the inventor has no right to make, use, or sell the chip. To do so, the inventor would need to obtain permission from Intel. Intel may refuse permission, or ask that a licensing fee be paid for the rights to infringe on its patent. While this system may seem odd, it is really the only way the system could work. Many inventions are improvements on existing inventions, and the system allows the improvements to be (patented) and sold, but only with the permission of the original inventors, who usually benefit by obtaining licensing income in exchange for their consent.
Three Basic Requirements for Obtaining a Patent (Barringer and Ireland, 2011)
Types of Patents (Barringer and Ireland, 2011)

Type of Patent Types of Inventions Covered
New or useful process, machine, manufacture, or composition of material or any new and useful improvement thereof Invention of new, original, and ornamental designs for manufactured products
Duration
20 years from the date of the original application
Utility
Design
Plant
Any new varieties of plants that can be reproduced asexually
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Business Method Patents

(Special Utility Patent)
A business method patent is a patent that protects
an invention that is or facilitates a method of doing business. The most notable business method patents that have been awarded (Barringer and Ireland, 2011):

Amazon.coms one-click ordering system. Priceline.coms name-your-price business model. Netflixs method for allowing customers to set up a rental list of movies to be mailed to them.
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A Patent Application Has Two Parts:

1. Specification is the text of a patent and may include any accompanying illustrations. 2. Claims are a series of short paragraphs, each of which identifies a particular feature or combination of features that is protected by the patent.
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Trademarks
A trademark is any word, name, symbol, or device used
to identify the source or origin of products or services and to distinguish those products or services from others. A trademark can also be a motto identified with a companys product(s) and registered at the OSIM Trademarks provide consumers with useful information.
For example, consumers know what to expect when they see an Mega Image. Think how confusing it would be if any retail store could use the name Mega Image.
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Illustration of the Multifaceted Nature of Trademark Protection
Name is trademarked Symbol is trademarked Slogan is trademarked
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Types of Trademarks
(1 of 2) (Barringer and Ireland, 2011)
Type of Trademark Types of Marks Covered
Any word, name, symbol, or device used to identify and distinguish one companys goods from another. Examples: Dell, Nokia, Oracle
Duration
Renewable every 10 years, as long as the mark remains in use
Trademark
Service mark
Similar to trademarks; are used to identify the services or intangible activities of a business, rather than a businesss physical products. Examples: Amazon.com, Orbitz, eBay, Overstock.com
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Types of Trademarks
(2 of 2) (Barringer and Ireland, 2011)
Type of Trademark Types of Marks Covered
Trademarks or service marks used by the members of a cooperative, association, or other collective group. Examples: Rotary International, International Franchise Association Marks, words, names, symbols, or devices used by a person other than its owner to certify a particular quality about a good or service. Examples: RENAR, ISO 9000
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Duration
Collective mark
Certification mark
What is Protected Under Trademark Law?

Subject to Certain Restrictions
Words
Fragrances
Numbers and letters
Shapes
Designs or logos
Colors
Sounds
Trade dress
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Exclusions from Trademark Protection
Deceptive matter
For example, a food company couldnt register the name Fresh Florida Oranges if the oranges werent from Florida. Marks that are merely descriptive of a product or service cannot be trademarked. For example, if you develop a new type of golf ball, you cant get a trademark on the words golf ball. A trademark consisting primarily of a surname, such as Anderson or Adam, is typically not protectable.
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Descriptive market
Surnames
The Process of Obtaining a Trademark
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Additional Information About Trademarks

Duration Once a trademark has been used in interstate commerce, it can be registered with the OSIM for a renewable term of 10 years, and can theoretically be registered forever, as long as the trademark stays in use. Registering Trademarks Technically, a trademark does not need to be registered to receive protection. Once it is used, it is protected.
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Copyrights
A copyright is a form of intellectual property protection
that grants to the owner of a work of authorship the legal right to determine how the work is used and to obtain the economic benefits from the work. A copyright provides exclusive rights to creative individuals for the protection of their literary or artistic productions. A work does not have to have artistic merit to be eligible for copyright protection. As a result, things such as operating manuals and sales brochures are eligible for copyright protection.
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What is Protected By a Copyright?

Subject to Certain Restrictions
Literary works
Musical compositions
Computer software
Dramatic works
Pantomimes and choreographic works
Pictorial, graphic, and sculptural works
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Exclusions From Copyright Protection

The main exclusion is that copyright laws cannot protect
ideas.
For example, an entrepreneur may have the idea to open a soccer-themed restaurant. The idea itself is not eligible for copyright protection. However, if the entrepreneur writes down specifically what his or her soccer-themed restaurant will look like and how it will operate, that description is copyrightable. An idea is not copyrightable, but the specific expression of an idea is.
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Obtaining a Copyright
Copyright law protects any work of authorship the
moment it assumes a tangible form. The following steps can be taken, however, to enhance copyright protection.
Copyright protection can be enhanced by attaching the copyright notice, or copyright bug to something. Further protection can be obtained by registering the work with the country Copyright Office.
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Understanding Copyright Protection

For the author of creative material to obtain
copyright protection, the material must be in a tangible form so it can be communicated or reproduced.
It also must be the authors own work and thus the product of his or her skill or judgment.
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Understanding Copyright Protection

Fair Use Doctrine:
[Reproduction of a copyright work for] purposes such as criticism, comment, news reporting, teaching (including multiple copies for classroom use), scholarship, or research is not an infringement of copyright.
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Copyright Infringement
Copyright Infringement occurs when one work derives
from another or is an exact copy or shows substantial similarity to the original work. To prove infringement, a copyright owner is required to show that the alleged infringer had prior access to the copyrighted work and that the work is substantially similar to the owners.
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Trade Secrets
A trade secret is any formula, pattern, physical device,
idea, process, or other information that provides the owner of the information with a competitive advantage in the marketplace. Trade secrets include marketing plans, product formulas, financial forecasts, employee rosters, logs of sales calls, and similar types of proprietary information.
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Trade Secrets
Customer lists, plans, research and development, pricing information, marketing techniques, and production techniques are other examples of potential trade secrets.
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What Qualifies For Trade Secret Protection?

Trade Secret Protection Not all information qualifies for trade secret protection. In general, information that is known to the public or that competitors can discover through legal means doesnt qualify for trade secret protection. The strongest case for trade secret protection is information that is characterized by the following: Is not known outside the company. Is known inside the company on a need-to-know basis only. Is safeguarded by stringent efforts to keep the information secret. Is valuable and provides the company a competitive edge. Was developed at great cost, time, and effort.
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Trade Secret Protection Methods

Physical Measures For Protecting Trade Secrets

Restricting access to confidential material. Labeling documents proprietary, restrictive, or secret. Password protecting confidential computer files. Maintaining log books for visitors. Maintaining log books for access to sensitive material. Maintaining adequate overall security measures.
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Conducting an Intellectual Property Audit

(1 of 2)
The first step a firm should take to protect its intellectual
property is to complete an intellectual property audit. An intellectual property audit is conducted to determine the intellectual property a firm owns. There are two reasons for conducting an intellectual property audit:
First, it is prudent for a company to periodically determine whether its intellectual property is being properly protected. Second, it is important for a firm to remain prepared to justify its valuation in the event of a merger or acquisition.
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Conducting an Intellectual Property Audit

(2 of 2)
The Process of Conducting an Intellectual Property
Audit
The first step is to develop an inventory of a firms existing intellectual property. The inventory should include the firms present registrations of patents, trademarks, and copyrights. The second step is to identify works in progress to ensure that they are being documented and protected in a systematic, orderly manner.
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Intellectual Property

Prof. Dr. Carmen Punescu 2012

The Importance of Intellectual Property

Determining What Intellectual Property to Protect

Common Mistakes Firms Make in Regard to Protecting Their Intellectual Property

Not properly identifying all of their intellectual property

Not fully recognizing the value of their intellectual property

Not legally protecting the intellectual property that needs protecting

The Four Key Forms of Intellectual Property

Proper Understanding for What a Patent Means

Types of Patents (Barringer and Ireland, 2011)

14 years from the date of the original application

Any new varieties of plants that can be reproduced asexually

20 years from the date of the original application

Business Method Patents

A business method patent is a patent that protects

A Patent Application Has Two Parts:

Illustration of the Multifaceted Nature of Trademark Protection

Name is trademarked Symbol is trademarked Slogan is trademarked

Renewable every 10 years, as long as the mark remains in use

Renewable every 10 years, as long as the mark remains in use

What is Protected Under Trademark Law?

Numbers and letters

Exclusions from Trademark Protection

The Process of Obtaining a Trademark

Additional Information About Trademarks

What is Protected By a Copyright?

Pantomimes and choreographic works

Pictorial, graphic, and sculptural works

Exclusions From Copyright Protection

Understanding Copyright Protection

Understanding Copyright Protection

What Qualifies For Trade Secret Protection?

Trade Secret Protection Methods

Conducting an Intellectual Property Audit

The first step a firm should take to protect its intellectual

Conducting an Intellectual Property Audit

The Process of Conducting an Intellectual Property

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