Protect Your IP Gold

"IP protection is no longer just a question of safeguarding an economy that relies on quality and innovation. It is no longer just a question of clamping down on crime. It has become a question of consumer health and safety...of tackling the dark side of product safety." --José Manuel Durão Barroso, President of the European Commission

Protect Olympic Intellectual Property Rights and
Respect Olympic Sponsors' Rights

Before and during the games, the Chinese government cleared well-known shopping area Silk Street of hundreds of stalls that sold counterfeit products and helped set up a fund of about $4.5 million to reward shop owners who make major efforts toward protecting IP rights.

The sale of fakes and knock-offs has long been a contentious issue between manufacturers and China, with innumerable infringement complaints and lawsuits filed by big brand companies.

Important Lessons

Those legal actions and the actions China has taken to reduce pirating and other forms of IP infringement - at least during the Games - underscore a lesson for large and small companies. A strong IP management policy is essential to maintain trademarks, patents, copyrights and other intangible assets that are major sources of revenue and potential growth.

Here are some considerations concerning how to effectively manage your company's IP, focusing on responsibilities in four separate areas:
 

1.

 Finance

IP management generally starts with an assessment of your organization's intellectual property inventory, as well as its current and potential value. Critical steps include:

• Performing an IP audit to measure the patents, trademarks, domain names and associated IP rights your organization holds. You should also assess similar rights held as the result of collaborations with another company or individual. Conducting an audit helps reveal the value of intellectual property, how dependent your company is on intangible assets owned partially by others, and the IP rights your business may be maintaining financially but not using. Audits also highlight domain names and trademarks, which can be particularly important if your company's strategy involves expanding into new markets or regions.
• Taking corrective actions to strengthen weak areas. An audit can uncover areas where your company has a weak spot or is missing an opportunity. For example, assets you are maintaining but not using could become sources of licensing revenue. If you are not interested, perhaps money could be saved by no longer paying fees to maintain the rights. In a related issue, if you are maintaining a patent that is near expiration, your company should probably devise a strategy to help avoid losing market share once that patent is no longer exclusive. Check to ensure your business is effectively monitoring profit-sharing arrangements on rights derived from collaborations.
• Reviewing insurance needs and options. IP insurance can involve steep premiums, but litigation to protect your organization's rights or to fight infringement claims can be extremely expensive. Consider whether your business should be buying defensive, value, patent enforcement or technical transfer insurance policies. Even if you decide such coverage isn't worth the expense now, revisit the issue periodically.

• Non-disclosure and confidentiality issues (be sure to include vendors, customers and job interview candidates here).
• Reprint permissions.
• IP releases.
• Copyright, patent or trademark assignments or licenses.
• Software development and licensing.
• Web site development and maintenance.
• IP transfers, consulting and design.
• Performance and publishing.