Enriching Life Through Innovative Ideas SM

Broad spectrum of strategies tends to deliver optimal IP value

Many would agree that success in business starts with a unique idea. You don’t have to be the first to have the idea. It is more important to be the first person to formally register the idea. This is where working with an intellectual property attorney comes into play.

Simply securing IP rights through the government does not ensure you will realize the full financial potential of this intangible asset, however. A reliable IP attorney, especially one adept in managing assets, can take advantage of opportunities as they develop and prove beneficial to your business.

Be strategic

While obtaining IP rights is essential, it is only one of many factors in taking something from seed to fruit. To maximize value, it helps to employ strategies that anticipate and avoid possible pitfalls. These would include:

  • Avoid obligation conflicts: If you are currently employed, you need to know if you have signed a Confidentiality and Invention Assignment Agreement. Many employers, especially in the technology sector, have these. They obligate employees to assign any new business-related ideas they develop to the company. To pursue IP rights for your idea, you need to be able to show you developed it entirely apart from your employment.
  • Protect your personal stake: It’s your idea and your potential company. But others you work with could make claims unless you have detailed terms of relationship spelled out in written agreements. If you have a company formed, consider having others who contribute to your effort sign a Confidentiality and Invention Assignment Agreement in your favor.
  • Leverage the arsenal of IP protection: Patents are important, but simpler and less expensive forms of IP protection (trademarks, service marks, trade secrets, copyrights, formal policies) are useful as well. Think in terms of branding and protecting that brand.
  • Build an IP portfolio: Don’t go on a shopping spree, but do watch for acquisition opportunities that complement your core objectives. Then, monitor your portfolio to act offensively or defensively as situations might dictate.
  • Act globally: If there’s a chance you will enter into global transactions, plan to apply for any IP protection from the foreign jurisdictions where you will have relationships.

At any given time, infringements by others or claims of infringement against you could crop up. Your instinct might be to face them all head-on, on your own. However, a more strategic approach would take the long-term into account and involve working with an intellectual property attorney skilled at addressing the full spectrum of your possible legal needs.

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Starting a new business can be a bit scary. Aside from worries of failure, there’s also the hassle of making sure all legal paperwork are properly filed. I reached out to Mr. Wang (Tommy) because of his excellent reviews and reputation and I am so glad I did. He was thorough and meticulous in answering all of my concerns and took time to find out special laws and policies regarding the kind of business I am starting. I could focus on the daily practical side of starting my new office without worry because I felt Tommy was reliable and took my case seriously. My business is opened and it’s all been a smooth start because of Tommy’s help. I have plans to start another business venture in the next few years and I already know I’ll be coming back to Wang IP Law.

The Shindig W.

I came to Tommy for help reviewing a licensing agreement I had secured with a well-known manufacturer. Tommy made sure I understood all the details in the contract and he negotiated with the company to improve my side of the deal. I mentioned to Tommy at my first consultation that we were looking to expand throughout the US and were investing a lot of money to make a big entrance into the market. I did not think I would have my store open so soon but Tommy also has connections with the local area and realtors to help me secure the location for my first store in the Los Angeles area. Tommy works a lot with the local businesses and he understands how to transition from the Asian market to US market. Within 8 months my store was open for business and fully operating. I must recommend Tommy to any business owners looking for help with contracts and improving their side of the deal. Tommy has the knowledge and experience to make sure there is a smooth process to open for business here, and make sure that your company is set up for success.

LI H.

I think Tommy and his team by far considered the best people to work with in my 16 business years. Beside quick responses to all my inquiries, they also done things right and providing very professional solutions. I’m highly recommending Tommy and his firm to all business owners.

Calvin C.

I have been working on my Utility Patent for almost 4 years. I have hired and fired two very reputable IP firms because with all their expertise and reputation for being some of the top firms in IP Law, I felt a lack of connection and care in my product, time and financial investment. Then I found Tommy and his team. Tommy does not waste time. He and his team are professional and extremely thorough. After 4 years, I finally found a legal team that I felt spent the time to really understand the components of my utility patent. Tommy also very mindful of cost and how and where my money would be better spent. I really feel I am in great hands with Tommy and his team. They have been patient with my revisions. And most importantly, they made me feel that they fully understood the importance this patent is to me. It has been a great and comforting pleasure working with Tommy.

G.L.

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