Hey, small business owners! I know you’re very busy running every aspect of your business, but have you ever really thought about your intangible assets, i.e. your intellectual property? Check out our simple primer below to learn more about a potentially very valuable area of your business that will inevitably grow as your business grows.
“Owning the intellectual property is like owning land: You need to keep investing in it again and again to get a payoff” — Esther Dyson
There are several forms of intellectual property that you may encounter as a business owner, including trademark, patent, copyright, trade secret, and confidential information, each of which is defined and exemplified below (generally based on US law). This is part 1 of an IP blog series. Keep an eye out, because we will be taking a deep dive into each type of IP, as well as including practical advice & business tips around each one! Sign up for our mailing list at the bottom of this page if you would like to receive updates to the Start Up Heart Up Blog by email.
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Type of IP: Trademark
Examples:
Business Name
Logo
Product Name
Slogan
Definition: A trademark is generally a word, name, or symbol that is commercially used in connection with goods or services, to (1) indicate the source of the goods/services and (2) distinguish them from others (competitors).
Eligibility: If the mark is used in commerce (with sale of product) and indicates the source (origin) of the goods or services.
Length of Protection: US registered trademark protection can last indefinitely if you continue to use the mark & file all necessary maintenance documents & fee(s) at the appropriate times.
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Type of IP: Patent*
Examples:
Machine
Device
Formulation
Method
Process
Compound
Definition: A patent for an invention is the grant of an exclusive property right to the inventor (or other owner, if assigned), issued by the US Patent & Trademark Office.
Eligibility: New; Useful; & Non-obvious (to one skilled in the art based on “prior art”, i.e. existing technology in the space).
Length of Protection: US patent term is generally 20 years from the date on which the application was filed.
***Do not talk to others about your invention until you speak with a patent attorney.***
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Type of IP: Copyright
Examples:
Works of Art
Music
Lyrics
Literature
Drawings
Photos
Videos
Recordings
Definition: Copyright is a form of protection provided to authors of “original works of authorship”.
Eligibility: Original work (i.e. not copied); Fixed in a tangible medium of expression (written down, recorded, uploaded, etc).
Length of Protection: US copyright protection begins the moment a work is fixed in tangible form. Generally, copyright lasts for the life of the author plus 70 years.
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Type of IP: Confidential Information
Examples:
Sensitive, proprietary data
Information relating to inventions
Strategic business plans
Customer lists
Definition: Confidential information is a term that is typically defined by contract. Excluded information typically includes information that is or becomes public, and information that the recipient already had knowledge of or developed independently.
Eligibility: As agreed to by parties to written contract or other binding agreement.
Length of Protection: For as long as the applicable contract defines. For example, the parties exchanging confidential information may agree to hold the confidential information in strict confidence for 3 years, 10 years, or indefinitely.
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Type of IP: Trade Secret
Examples:
Secret Formula
Secret Program
Secret Method
Secret Process
Secret Data or Information
Definition: Information that derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use.
Eligibility: In general, to qualify for trade secret protection, the information must be strictly secret and efforts must be taken that are reasonable under the circumstances to maintain its secrecy.
Length of Protection: For as long as the strict secrecy of the trade secret is maintained (i.e. based on applicable state/federal legal requirements).
If you have any questions about the content of this blog, or would like to request a blog topic, please email hello@startupheartup.com to start the conversation. Thanks, & keep killin’ it!
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Kae Gruner, Founder, Start Up Heart Up
Patent lawyer, deal-maker, & lover of ideas, Kae founded Start Up Heart Up with the goal to empower everyday entrepreneurs. Whether building a new business or starting a side hustle, Kae’s expertise in intellectual property and business law can help you bring any dream business from idea to launch.