Patents are expensive, time-consuming and relatively difficult to accomplish as a do-it-yourself project. Inventors should be aware that U.S. law provides that, after disclosing the idea, the inventor must patent the idea within one year or lose the chance for patent protection for the invention. The right patent could potentially be worth millions. It all depends on the underlying value of what the patent protects.

Inevitably, the huge risks and rewards of the patenting process attract a varied cast of characters. An independent inventor has to have a dream and the determination to see it through. Along the road of development the inventor will probably require the help of others. These other people can make or take their dream. Inventors should be quick to investigate and slow to pay or disclose. A host of free or inexpensive services should be explored before paying out any money. The best place to start would be the United States Government at the Web site of the U.S. Patent and Trademark office. Their physical address is General Information Services Division, U.S. Patent and Trademark Office, Crystal Plaza 3, Room 2C02, Washington, DC 2023. Phone: (800) 786-9199 or (703) 308-4357.

Many states have small business development centers, which offer free or inexpensive advice as well. Some libraries act as depositories for the federal government, and patent and trademarks can be searched at those libraries. Last, some communities have an inventor’s council or other group that is usually made up of other inventors.

This site offers information on how inventors have been defrauded and specific steps to take to avoid it. Just like finding a plumber, the inventor should ask around before he or she parts with the cash.

Copyrights also differ from patents in that different government agencies issue them. The Unites States Patent and Trademark Office (USPTO) does not issue copyrights. Instead, the United States Copyright Office issues copyrights. Its physical address is Copyright Office, 101 Independence Avenue, S.E. Washington, D.C. 20559-6000. Phone: (202) 707-3000.

While many resources exist for help with patents and trademarks, the resources for reliable copyright help are not so numerous. The best place to start is with the Copyright Office Web site mentioned above. The following Web sites also offer good information: The Copyright Website, Copyright Crash Course.  Also see Barbara Brabec's Homemade Money books, below.

TRADEMARKS

Trademark law makes up the third major way to protect intellectual property. Trademarks protect products while service marks protect services. Trademarks differ fundamentally from copyrights and patents. Trademark law has its roots in what is known as competition law. Competition law establishes rules governing fair competition between businesses in the marketplace. If one business could just steal the good will and reputation of a competitor by passing off his or her goods as those of the competitor, that would be unfair. Thus, courts began to enforce rights in the ownership of the reputation or goodwill of the business. Therefore, trademark protection fosters competition and safeguards the consuming public from confusion in the marketplace.

While copyrights and patents are very much creatures of federal law, many states offer state trademark protection. State trademark protection usually does not cost as much as federal registration but neither does it offer as much protection. However, it might be a cost effective way to buy some amount of protection. The contact information and Web site address for the patent office can be used for the trademark office as well.

TRADE SECRETS

Trade secret law is a fourth way to protect intellectual property. Trade secret law provides the business owner with a way to keep methods or processes used in his or her business secret from competitors. Unlike patents, copyrights and trademarks, this legal animal does not play on the federal playground. Trade secret law is entirely a creature of state laws. The business owner who hopes to swear others to perpetual silence regarding his or her improved process should immediately get a lawyer in their state to discuss the options. Most business owners immediately think of a non-compete agreement as the way to protect secret processes or information. Non-compete agreements can be an effective tool, but these agreements have been hotly contested in state courts. Terms of the agreement governing length, enforceability and geographic limits are often subject to litigation.

SUMMARY

Making decisions about intellectual property assets involve much the same process as deciding about any other property used in business. How much protection the innovator might need and how much he or she might want to spend for it is ultimately a business decision. Intellectual property protection of a hot commodity can be worth millions; but all the protection in the world won’t save a dud and make it into a product worth protecting. When Coca Cola got started it was just another beverage company, but look at the revenue stream from the licensing of its trademark now.