What’s Your Intellectual Property Business Plan?

Business Law, Intellectual Property, Rory McKean

A business plan is created to ensure that the resources and assets of a business are being utilized to develop and retain a competitive edge in the marketplace. For a new business it provides a blueprint for success, while for an ongoing business it provides an overview of where a business is at present and how it seeks to achieve its objectives to become and remain successful.

Why should intellectual property (“IP”) be integrated into your business plan?

Regardless of what product a business makes or service it provides, it will encounter, create, and use IP. To survive and grow, a business needs to know how to capture, protect and manage IP, and how to avoid conflict with the IP rights of others.

New or original knowledge and the creative expression of ideas is the driving force of successful, modern businesses. Therefore, safeguarding such knowledge and creative expression from inadvertent disclosure or its unauthorized use by competitors is becoming increasingly critical for developing and retaining competitive advantage since IP assets like patents, copyrights, trademark and design applications and registrations can be bought, sold, and licensed.

Most entrepreneurs would argue that the product they are offering is innovative, unique, or superior to the offerings of competitors. If you believe it is, you will have to prove it, and successfully registering your IP is the best proof available toward this end.

Trade names, trademarks, and domain names may be the prime elements that differentiate your product from competitors’ offerings. Therefore, your proposed trade name, trademark, and domain name should be carefully chosen and the steps taken to register these marks should be referred to in your business plan.  Similarly, steps should also be taken to gain copyright registrations for creative works, so the creator can retain control over the distribution and use of those works.

For many businesses, confidential business information alone may be the source of their competitive advantage. In such circumstances, it is important that you have taken adequate steps to protect this significant business information — known as trade secrets — from employees and competitors. In fact, even your business plan is a valuable document that should not be disclosed except on a “need-to-know basis” and only after that party has first signed a non-disclosure or confidentiality agreement.

In addition, you will want to make sure that the product you propose to sell is not relying, without authorization, on the trade secrets, copyrighted materials, patents or other IP rights of another party as this may fatally compromise your own business while enduring expensive and painful litigation.

Because IP provides your company with competitive advantages and increases its value, it is necessary to integrate them into your business plan from the beginning.  For help or questions concerning either business plans or intellectual property, please do not hesitate to contact us. Also, to learn more about our Intellectual Property practice and the services we offer, click here.

 


Birmingham Office

Firm

We are pleased to announce that we have opened a full-time office in the Magic City — Birmingham, Alabama. This office is located within the Red Mountain Law Group on the 6th floor of the Landmark Center building in downtown Birmingham.

Our association with the Red Mountain Law Group in Birmingham allows us to offer a broad array of services to our clients. To learn more about the Red Mountain Law Group, click here.

The primary focus of legal services initially offered through this location will be: intellectual property, commercial real estate, business and corporate matters, and wills, trusts, and estates.

We are excited to offer our services to the Birmingham area and look forward to working with existing and new clients in the years ahead!

To contact us at this location, please give us a call at (205) 323-0145.


Introducing Robinson Attorneys

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We are pleased to introduce you to the all-new Robinson Attorneys, PC. We may have a new name, new branding, new website, new office location, and a new hire, but our commitment to our clients remains the same. Now in our 4th year as a firm, we have asked our clients for input and this new digital platform represents our most sincere expression yet to those we serve.

If we haven’t had the pleasure yet, then feel free to click around learn more about our attorneys, the history of our firm, and our current practice areas. We promise to deliver current and relevant content to you through our social media platforms on Facebook and LinkedIn.

We will also continue to explore new ways to modernize interactions with our clients, so stay tuned for further improvements in the months and years ahead.

For now, we are pleased to introduce (or perhaps re-introduce) our firm to you.

If you’d like to reach out, we made that pretty easy, too. Thank you for stopping in!


Robinson Attorneys

Robinson Attorneys