Small-Biz Guide To Intellectual Property
The two most precious resources for any small-business owner are time and money. That’s why when the subject of intellectual property comes up, many owners run in the other direction.
They see images of expensive lawyers and use that as an excuse to ignore the topic, reasoning that it is a problem for big companies to worry about.
The trouble is, with the rise of competition through the Internet and on the global market, understanding intellectual property is more critical than ever for small-business owners. Let’s explore some of the common fallacies:
1. For small-business owners, it’s not worth the time or effort to secure intellectual property rights.
Daniel Lubetzky, chief executive of New York City-based Kind Snacks, had high hopes when he and his company attended the Natural Products Expo West in Anaheim, Calif., in March. And who could blame him, since his Kind Plus bars had been named the best new product at the Natural Products Expo East last October?
But it didn’t take long before Lubetzky knew something had gone wrong: He kept hearing how one of his competitors had copied the packaging, look and feel of his bars.
Fortunately for Lubetzky, he had secured crucial components of intellectual property like trademarks, trade dress (the look and feel of a product) and Web addresses after founding his company.
Unlike a patent, which can cost up to $25,000 to secure, trademarks and Web addresses can be obtained relatively cheaply and without the aid of a lawyer.
With the legal documentation to back up his intellectual property rights, Lubetzky sent the offending company a cease-and-desist letter, which achieved the desired result.
“Too many entrepreneurs forget there is more to I.P. than just patents,” said Lubetzky, who happens to be a lawyer.
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Photo by The Peaceworks Group.
Lori on August 15th, 2009 2:03 pm
Time, money and energy are the 3 most precious resources.
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