Jul 07 2023 12 mins 1
Did you know that trade secrets can be licensed indefinitely, surpassing the duration of patents or copyrights? In 1881, Dr. Lawrence sold the secret Listerine formula to a company, securing a 10% share of gross sales. Fast forward to 1956, after paying a staggering $22 million, the company sued to halt further payments. Understanding how intellectual property works is crucial for small business owners. Trade secrets can provide a competitive edge and long-term value if managed and protected effectively. What You Need to Know: Trade secrets can be licensed without an expiration date, offering a lasting competitive advantage. The Listerine case exemplifies the significance of safeguarding trade secrets amidst changing circumstances. Patents and copyrights have limited durations, while trade secrets can endure for an extended period. What You Need to Do Evaluate your business's intellectual property assets and identify potential trade secrets. Implement security measures to protect trade secrets from unauthorized disclosure. Consider the option of licensing trade secrets strategically, with appropriate legal agreements in place. [TAKE ACTION] Take a proactive step today: Conduct an intellectual property audit for your business and prioritize trade secret protection.
HOST: Wayne Carroll founded Inspired Idea Solutions Law Firm in 2013, an IP boutique law firm focused on helping small businesses with intellectual property. At Inspired Idea Solutions, we use a proven process for obtaining IP rights that focuses on aligning the business strategy of small business clients with their IP strategy. We help small businesses implement a strategy to ensure they own and leverage their intellectual property. We also have clear expectations with zero hidden fees.
In addition to his legal work, Wayne is an Eagle Scout and actively volunteers with the Boy Scouts of America. He is also a proud father of six children and enjoys playing pickleball. Wayne's extensive experience and expertise in intellectual property law make him a highly respected attorney and a valuable asset to clients seeking protection for their intellectual property rights. Wayne can be reached at 480-741-2440 or [email protected]. You can also connect with Wayne on LinkedIn.
Schedule an appointment with Wayne Carroll for a strategy session on protecting and leveraging your intellectual property.
