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Page 1 | Page 2 | Page 3 | Page 4 Intellectual Property, Bill Thatcher writes: Failing to obtain good title to intellectual property required for the business. This can occur in many ways. In the early stages, the identification and history of generation of a company's intellectual property rights can be murky and it can be difficult to trace who produced what. The key is to keep careful records and to have appropriate assignments of the IP rights executed by the creators/inventors. Broadly, the essential rule of thumb is that a company will only own intellectual property produced by its employees in the course of their employment by the company, or intellectual property that is specifically assigned to the company in a written assignment signed by the creator/inventor. Failure to handle the intellectual property rights correctly can lead to later adverse claims which may damage the company's business. Incautious early licensing. It is tempting for a young business to jump at the first opportunity to license out its intellectual property rights. Typically, it will be in a weak negotiating position and the prospective licensee will insist on wide rights granted on an exclusive basis. One of the most important things to consider in granting any licence is what constraints will result on the company's future business. Particularly, granting any exclusivity should be very carefully considered and contractual safeguards included to ensure a proper return on the licence. Careful thought should also be given to appropriately confining the rights granted as inappropriate early licensing deals can restrict future activity and so prejudice the company's future. |
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