Never underestimate the power of intellectual property (IP) because it is a key component of our economy. Though it fluctuates by year, the United States is responsible for one of every five technological innovations worldwide. The United States Patent and Trademark Office (USPTO) stated the following in a press release in March of 2022:
“The latest report found that in 2019, 127 IP-intensive industries in sectors such as manufacturing; wholesale and retail trade; and professional, technical, management, and administrative services accounted for $7.8 trillion in U.S. gross domestic product (GDP) or 41% of total GDP.”
We highlight that intellectual property generates millions of jobs because intangible assets create tangible results. You can protect and defend your IP because doing so is critical to our economy.
How Can I Protect It?
When discussing intellectual property, it is important to identify the four ways to protect it. This is achieved through trademarks, copyrights, patents, and trade secrets. Consider a bakery that has a unique name and logo (trademark), that developed a new method for baking doughnuts (patent), and produces its menu designs and marketing materials (copyrights). Only the owners know the recipes; that would be an example of a trade secret. Should the bakery discover that someone else is selling similar products under a name that mimics their own, they need to contact a business law attorney with intellectual property experience.
The first step is to ensure that you have taken the proper steps to protect your IP. Though this seems obvious, it determines whether you have the right to stop another business from using your IP. Imagine that the bakery from the previously-mentioned example learns that their former employee opened a competing bakery and is using their recipes. Whereas litigation can become necessary and unavoidable, it isn’t the first and only response. The bakery’s attorney could draft a cease and desist letter explaining what they are doing (using protected recipes), why they should stop (the recipes are trade secrets), and the end result—i.e., the bakery stops producing products based on a stolen recipe.
How Can I Recover Losses?
Although the bakery’s attorney could get an injunction in court, there are situations where that is not enough. For instance, peer-to-peer music-sharing services such as Napster and LimeWire had a significant financial impact on the industry. The Recording Industry Association of America (RIAA) obtained a $105 million settlement because of it. Your attorney can fight to ensure you are paid for your losses (which could include the money you were forced to spend on legal help), and you may be entitled to a portion of the infringer’s profits because they were generated on your IP.
Get In Touch with Experienced Litigators
Get in touch with Foldenauer Law Group, APLC, and let us know when you discover that someone is misusing your intellectual property. We understand and appreciate your intellectual property’s value and will take appropriate and aggressive action to protect your rights. Call us at (619) 564-8877 to schedule a free consultation.