While the intellectual property (IP) wars between mega-businesses like Microsoft and Uber make headlines, the magis group has found that many small to medium-sized business leaders have not considered (or simply do not know that they should consider) the importance of patent strategy in protecting their business from competitive incursion.
Mark McCareins, Clinical Professor of Business Law & Co-Director, JDMBA Program at Kellogg notes:
“IP is an afterthought, a topic for consideration once the product has been developed, the business plan has been put in place, and discussions with potential investors or customers are already in the works.”
Read about Professor McCareins’ 5 tips for protecting your ideas properly HERE.
Think about IP early on—while you are still developing your product
Nondisclosure agreements (NDAs) are worth the hassle
It pays to be certain your idea is original
Even lean startups shouldn’t skimp on protecting IP
Don’t forget foreign jurisdictions, including where you’ll want to grow in the future