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The term Intellectual Property (IP) gets thrown around an awful lot, but when is the right time to start thinking about it, and how can you protect your most important ideas?
That was the focus of our discussion on the latest episode of the Inner Edison Podcast with Ed Parcaut.
We sat down with Devin Miller, a patent attorney who specializes in helping entrepreneurs protect their ideas.
Patent law tends to be a fuzzy subject for most people. That’s why we brought Devin on to help shed some light on the topic. He broke down the different patent classifications and discussed scenarios when they make sense for a business.
Different Classifications of Patent Law
While many people have heard of terms like patent, trademark, and copyright, most people don’t know how they apply to intellectual property. So Devin took the time to lay out each classification and what they actually protect.
- Patents are created to protect inventions. While inventions seem to conjure up memories of Thomas Edison, Alexander Graham Bell, or Tesla, many entrepreneurs apply for patents every year. So, patents protect inventions.
- Trademarks are established to protect a particular name or symbol. Many entrepreneurs use trademarks to protect their brand name or logo every year. While some names cannot be trademarked, symbols and logos attached to a name can. A perfect example of this is Apple and its iconic logo.
- Copyrights are designed to protect original works of authorship. Think of music, videos, books, computer software, and more. Their function is to protect original ideas.
Devin states that while these options are available for many entrepreneurs, there is a time and place when they make sense. He states that it’s best to consult a professional when considering protecting intellectual property.
When is the Right Time to Protect Your Brand?
Devin states that entrepreneurs often have the most challenging time knowing when to apply for intellectual property licenses.
Devin mentions that it often boils down to why you want to protect a particular idea. For instance, if you’re starting a national fashion brand, it makes sense to trademark your brand name and logo earlier rather than later.
However, if you own a mom-and-pop shop in your neighborhood and sell strictly to your area, it wouldn’t make much sense to trademark your business name. That is unless you have no plans of scaling the business.
One way to think it is, if you plan on going big, you want to seek legal counsel for specific IP issues.
When It Makes Sense to Protect Your Content
Entrepreneurs use content to market their brands to consumers. But, if you have spent any time marketing your products, you know that all marketing isn’t created equal.
While it wouldn’t make much sense to copyright a video or blog post that doesn’t have much traction, it makes perfect sense to protect marketing materials that have gone viral.
So it makes sense to pick and choose the content you wish you hold exclusive rights to, and for good reason. Copyrighting all your materials would get expensive quite quickly.
How Much Should You Expect to Pay?
The costs to protect your intellectual property can vary depending on where you go. Devin suggests that you always use a reputable IP attorney.
With that being said, here are some of the prices he quoted:
- Patents can run anywhere from $3,500 to $10,000
- Trademarks on average can be between $1,200 all the way up to $1,500
- Copyrights can run anywhere from $300 to $400
Miller IP charges a flat fee on all of its intellectual property services. You can find their flat fee prices on their website.
It Pays to Be Protected!
When in doubt, it’s always best to air on the side of caution. If you feel you have an idea that has great potential, it’s best to protect it.
If you’re a young startup or an entrepreneur looking to protect your brand, Miller IP has a whole host of intellectual property services.
For more great insights about entrepreneurism, business, and more, make sure to check out the Inner Edison Podcast with Ed Parcaut.