traklight - egfs is your business at risk - 10 tips to reduce risk & maximize value
TRANSCRIPT
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Disclaimer: This presentation is intended to be general information. Nothing in the presentation constitutes legal advice. Please consult with an attorney before making any intellectual property protection decisions.
Is Your Business at Risk?
TEN TIPSTO MANAGE RISK AND MAXIMIZE VALUE
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Mary Juetten Founder & CEO Trak-light@traklight@[email protected]
• CEI Incubator Graduate• Forbes, ABA LegalTech Contrib-
utor• 30 years business experience• J.D., CPA, CA • MSNBC, AZ PBS, SXSW V2V, LAUNCH Speaker• SUCCESS Magazine Start Small, Win Big 2013 winner
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Business World
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Competing Daily Tasks
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IS YOUR BIZ AT RISK?
1. Entity2. Co-Inventors3. Co-Founders4. Employee v. Con-tractor5. Disclosure
6. Fundraising7. Records8. IP Strategy9. Financial Projec-tions10. Pending Litigation
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QUESTIONS WELCOME THROUGHOUT
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#1 - Don’t go it alone – get an
entity!
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• C Corp• S Corp• LLC
Limit personal liability
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Patents (Utility & Design)
#2 – Co-Inventors
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Copyright©
A patent is not:
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Trademark
A patent is not:
Image courtesy: Shelby Asistio
™ ℠ ®
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Who: IP Ownership Challenges
Multiple Inventors
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When: Key Dates to
Remember• Date of Idea/Inventions (First to Invent → First INVENTOR to file)
• Date of Use• Date of Filing• Date of Conversion• Renewals
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#3 - Co-Founder
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Handshakes = Headaches
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#4: Employee
v. Contractor
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Who: IP Ownership Challenges
• Who are you? Employee of another company
• Proper assignment of IP rights — personal vs company
• Assume that ownership extends outside the US
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Software Work for Hire
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Fines, Penalties (don’t forget interns)
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#5 - Disclosure
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Enabling Public Disclosure
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Homepage
INTERNET IS PUBLIC DISCLOSURE
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#6 - Fundraising Careful re new rules
Solicitation
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Start on the right Trak
Do NOT start with creating a campaign,
pitch, or business plan.
THIS APPLIES TO ALL FINANCING!
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80% of a business’ value is in their IP.
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Identify IPProtect IPPick a PlatformBuild Social CapitalCreate a Pitch
Practice Safe Crowfunding
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Fundraising options
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Crowdfunding
Federal Securities Equity is not yet legal
instead: states,- Reg A+ (June 2015)
S
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#7 - Records
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#7 - RecordsFiling for business is
imperative – investors, banks and
IRS (Don’t forget to keep
records too)!
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#8 - Got intellectual property? Why care…
100% of all companies have IP.
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Avoid IP loss, infringement,
or business failure.
When do you need an IP strategy?
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Exclude competition: Attract investment (including crowdfunding);
Leverage and license.
When do you need an IP strategy?
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IP theft costs US companies $300 billion annually
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Trade Secrets—unsung heroes
Not always patents:
Image courtesy: Beverley Goodwin
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Five IP Mis-steps
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IP is just for tech startups or tech companies, and
patents are the only IP for inventors.
IP Mis-steps
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You can copy anything without a copyright ©
IP Mis-steps
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Domain = TM
IP Mis-steps
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If I pay for it, I own it.
IP Mis-steps
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Patents mean right to make or sell.
IP Mis-steps
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Strategies to Protect IP
Secrets:- Notary- IP Vault- Copyright software
Hire a Professional:- Attorney, Consultant, - LegalZoom, Rocketlawyer
Do It Yourself:- USPTO.gov- copyright.gov
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#9 FINANCIALS
• Realistic• Detailed • Know your numbers
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#10 PENDING LITIGATION
Disclose it!
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Ignorance Is NOT A Defense
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Read, Read, Read
Read contracts, licenses, and permission to use
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Read, Read, Read
Check out CreativeCommons.org
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Traklight’s Software Platform
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Traklight’s Software Platform
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Questions?
www.traklight.com
Free Business Risk Assessment
Mary Juetten
@traklight
Slides available on slideshare.net/Traklight
@maryjuetten