Protecting your innovation

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Innovation, Commercialisation and Commercial Corporate e-commerce

The commercialisation of an idea, product or service refers to development and process stages of releasing it to market. There are a number of steps that are usually undertaken prior to getting an idea to market as part of the innovation process.

There are a number of resources such as networking opportunities, business mentors and case managers with skills to assist your business. You need to identify all of the stakeholders, your competitors and the potential customers.

Innovative businesses take their intellectual property to market after much forethought and preparation. Innovation is tailored to the needs of each business. Each business has different needs and adopts a different strategy.

Innovation and Commercialisation

IP rights are finally being recognised more and more as a valuable asset by businesses. Not only can they give a competitive edge to an owner but can also be exploited in a variety of ways – some examples are provided below.

Step One

The first step in any commercialisation process is to identify the full scope and nature of all Intellectual Property (IP) held or used by the company.

These may include:

registered or registrable rights such as patents, trade marks, registered designs;
unregistered rights such as copyright and trade secrets;
consider an audit as part of this process;
the audit will flesh out your checklist or action flags.
Step Two

Once the first steps have been performed the next steps, are:

identify what IP is being commercialised so that each party can appropriately assign a value to the IP;
document clearly what Intellectual Property is being covered;
assess what else is out there in the market place (ie who are your competitors and how do they differ from you, your product/service, if at all).
Some factors and strategies to consider before licensing:

what’s the goal of the owner, and are the trade marks, designs, patents or plant breeder rights registered?
what’s the ongoing requirement of the owner to use its IP?
how much involvement does the owner wish to have?
what’s the nature and market of the technology?
at what stage of the development is the technology at?
what is the financial position of the owner?
other factors, such as speed of entry into the market place, potential for growth should also be considered.
There are many factors to consider when considering to licence your product, so plan well and you could reap the benefits of a successfully planned licensing model. Brandsworth Licensing can assist you with this process.

Commercial Corporate e-Commerce, intellectual property and information technology agreements

A bundle of rights. Modern legal agreements should contain mutual clauses to cover off all risk factors, and consider all stakeholders involved in the business.

Steps

place all of your terms and conditions up on the website for transparency, and this allows customers/clients to read your warranties before purchase or a business relationship develops;
place your privacy policy up on the website;
place any warranty, refund return policy up on the website, usually with links behind the buttons on the bottom of the page; for example, a link for each one, Privacy Policy, Terms and Conditions, Warranty and Refund Policy (e.g., Paypal requirements);
you need to have a Corporate/SME Audit of all of your agreements and software licences regularly (usually 2 to 3 years) to check for compliance issues and this assists and manages your risk factors and allows for rectification;
a Contract Register is a good management tool;
these are some of the steps which should ensure that you are covered-off for whatever comes at you in the future;
any other compliance requirements/steps will depend on the type and nature of product or service you are trading.

For more information on Innovation Law and IP rights generally Contract Sweeny Legal on

02 4228 1864 or 0417 699 645

SweenyLegal-Reversed

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Filed under Brand Power, Commercial Agreements, Innovation law, Intellectual Property Law, Risk Management

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