Unfortunately, many entrepreneurs may soon be
facing Kearns' fate.
First, you must understand
the best IP practices for your industry
Defending your intellectual property (IP) through
patents and other tactics creates the legal underpinning necessary to safeguard
your ideas and make sure other companies pay you for use of those ideas.
However, building a strong IP defense is anything but simple: Acquiring even a
basic patent can take up to six years, hundreds of hours of work and, according
to industry insiders, N20,000 to N60,000 in attorney fees.
A patent is a government authority or licence conferring a
right or title for a set period, especially the sole right to exclude others
from making, using, or selling an invention.
Before starting the process, it's important to
understand how your industry handles intellectual property. For example,
products in biotech and telecommunications stay on the market for decades,
which means startups in these fields need bulletproof patents from the get-go.
But retail, consumer device and manufacturing firms have products that change
every year or so. These industries are best served by filing late in the
product-creation process, if at all, and may benefit from the use of IP tactics
including trade secrets and confidentiality agreements.
Once you realize that you control your business'
IP, then you can make it work for you, not the other way around. IP does not
have to be the stuffy, lawyerly thing you think it is."
Start the process
early
No matter which IP strategy is right for your
business, you have to plan, understand and execute that strategy from the
beginning. If patenting early is best, search out a patent attorney during your
firm's early days. Already in business but don't have patents for your valuable
ideas? Get started now. Getting your IP house in order should never sit
unattended at the bottom of your to-do list.
Get the right IP
person for your IP job
Once you've defined your strategy and goals, it's
time to hire the right IP support to manage your intellectual assets. Most
companies turn to an attorney, patent agent or licensing firm. That person or
firm--essentially your chief intellectual officer--should understand your
industry, your company and your particular problems. The right IP pro listens,
asks questions, makes suggestions and has a successful track record in your
particular market. Remember, there are many beasts in the IP jungle: utility patents,
design patents, patents for plant life and for industrial plants. An expert in
one is not an expert in the other. And that expert should also understand what
having a good IP strategy can mean to a company's overall health. The
well-developed patent portfolio definitely increases the number of choices a
developing firm has.
Consider the “do-it-yourself”
option
As daunting as it may sound, developing and
filing your own patents from scratch can make sense in today's evolving patent
landscape. Patent experts say it takes about 150 hours over several months, and
then periodic work over several years, to patent your idea. But that time
investment ensures that you fully understand the nitty-gritty of your business.
Is your product original? Is it useful? Is it novel and not obvious to anybody
with basic skills in the field? What is your competition doing in the space?
And if your idea meets these requirements, is it really best served with a full
patent, or would a trademark or trade secret be better? If you have the
patience--and the time--a carefully crafted DIY patent could be worth
considering. Most people are just too lazy to spend the time or make the effort,
but really, anybody who can write can do it.
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