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.

  1. Think about IP early on—while you are still developing your product
  2. Nondisclosure agreements (NDAs) are worth the hassle
  3. It pays to be certain your idea is original
  4. Even lean startups shouldn’t skimp on protecting IP
  5. Don’t forget foreign jurisdictions, including where you’ll want to grow in the future
1 reply
  1. Elsa Anderson
    Elsa Anderson says:

    I do like how important you mentioned IP can be for business people as it would be essential for them to start thinking about it even while they are still developing their product. That sounds like a firm strategy to follow when handling IP since it does seem like a bad time when someone else would take it from you. I’ll be sure to learn more patent strategies as I might make use of this knowledge in the future too. Thanks!

    Reply

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