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What do the light bulb, the pet rock, and Bluetooth technology all have in common? They are all protected by a patent. Consequently, they have also made millions of dollars.
Do you have a million-dollar idea? If so, you won’t want to miss this very special episode of the Inner Edison Podcast with Ed Parcaut.
We sat down with Jason Webb, an intellectual property attorney who identifies points of fear and vulnerability in his clients and transforms them into hope and opportunity. He does this by creating protections for his clients to stand out while they execute their visions.
If you think you’ve got the next big idea of the century or even an itty-bitty idea that you believe could turn out a profit, you won’t want to miss what Jason had to say.
So You Have an Idea…How Do You Protect It?
The first thing you want to do is speak with an intellectual property attorney. You want to do this for several reasons:
- The rules around protecting your intellectual property are complicated.
- There are exceptions to the rules in some cases.
- There are many factors at play.
The moment you feel like you have an important idea for your industry or business, it’s important to reach out to an intellectual property attorney to consider your options.
An intellectual property attorney can:
- Help you find avenues to protect your branding or idea
- Advise you on whether it’s a viable option in the marketplace
- Offer assistance for a workaround in the event protecting an idea is challenging
Jason doesn’t advocate for going through this process alone because it can lead to many issues you might not have thought through.
The Case of the Washington Redskins
For over two decades, the Washington Redskins have been mired for their controversial name. Many people found it to be derogatory and racist.
Despite the controversy, the team decided to hold on to their name even when faced with legal action.
It wasn’t until sponsors pressured the team to change their name due to their apprehension to sponsor a team with racist connotations, that the NFL team decided to make a change.
Almost overnight, the team decided to change their name without consulting an intellectual property attorney first. Had they spoken to an attorney, they may have advised them to hold off on telling the public until they had secured a new name.
The problem: Many people trying to capitalize on the opportunity bought trademarks and website addresses for possible names for the NFL team.
This left the team with a difficult option while they secured a new trademark. They opened the season with the overly boring and drab name — The Washington Football Team.
Don’t be like this NFL team. Instead, seek out the advice of an intellectual property attorney to protect your idea before you run into unintended consequences.
When It Makes Sense to Protect an Idea
If you own a small business that operates in your hometown, and you don’t have any plans to expand it — then it doesn’t make a lot of sense to file a federal trademark on your name.
On the other hand, if you own a chain of stores and your dream is to franchise them across the entire country, it makes sense to file a federal trademark to protect your business name.
So if you’re looking to disperse something on a national or international scale, it makes sense to protect it through a:
- Patent – a form of technology or invention
- Copyright – a piece of content like a book, movie script, musical piece, etc.
- Trademark – a phrase or some form of branding
If you’ve got an idea related to one of the items above, and you have plans to make it a national or global entity, it makes sense to protect it.
If you’re looking for help with your intellectual property, contact Jason Webb for a free consultation!
As always, for more great content about entrepreneurism and more, continue to listen to the Inner Edison Podcast with Ed Parcaut.