Every single business has intellectual property (IP), yet the topic baffles us. Sure, we know copyrights, trademarks, and patents are important. But do we know why? More importantly, do we know how these things pertain to us? That’s why Traklight CEO and Founder Mary Juetten sat down with JJ Ramberg of MSNBC—to debunk some common IP misconceptions. Click the video above to watch. Click to tweet and share this post:
In the interview, Mary shares with us four IP misconceptions that can prove detrimental to small businesses:
- IP is just for tech companies.
- Trade secrets are the easiest to protect.
- You can copy anything without a copyright.
- If you pay for it, you own it.
What the video doesn’t show us, though, is that there are actually five IP pitfalls for entrepreneurs. Here is the fifth:
- “Patent” implies the right to make or sell. On the contrary, a patent provides the right to exclude others from creating, using, selling, or distributing the patented item for the duration of the patent. So, understanding the time length of your patent and having a plan for when your patent expires is crucial for the future of your business.