You’ve discussed your intellectual property and the next step is to send some detailed information. The question is how and what information to provide about your IP so it doesn’t get stolen, reused or “borrowed”? One of the biggest mistakes made by IP owners is not following the right disclosure process when presenting their IP. Any information provided at the initial stage of discussions should be non-confidential, such as a published patent.
You’re failing to take action because you lack awareness about the opportunities and ways to protect, manage and use your IP to make money. Your IP winds up undervalued and in many cases unprotected. For example, imagine what happens if one of your employees accidentally discloses crucial IP information while updating his/her status on social networking sites. It costs you money in missed income opportunities and legal fees taking action against others using your IP without your permission.
Your business is sitting on a source of capital that you’re not using. If fact, you probably don’t realize you own it. Even if you are “commercializing” your IP by selling your product or services, you may be overlooking new ways of using it.
Not taking action with your patent will cost you over $250,000. And that’s not counting the cost of lost revenue opportunities or litigating any infringement. It’s estimated that the average cost over the course of the 20-year life span of a single patent is about $100,000.00 – or roughly $5,000 per year in maintenance fees. And that doesn’t begin to cover the initial investment, which on average is about $150,000.00 to develop a single patentable invention. That’s due in part because the U.S. patent office currently rejects about 65% of all patent applications.
Your business has an inventory of your raw materials, finished products and stock on hand. What about your intangible assets? Unlike hard/tangible assets, such as machinery and equipment, which depreciate …