TRADE SECRETS Archives - Martin IP Law Group

BRANDING, COPYRIGHTS, INNOVATION, INTELLECTUAL PROPERTY, INVENTORS, PATENTS, TRADE SECRETS, TRADEMARKS

The Power + Importance of Trade Secrets

While patents, copyrights, and trademarks are sometimes the most well-known forms of intellectual property, trade secrets often fly under the radar. In general, a trade secret is any kind of information that provides a business with a competitive advantage. These intellectual property rights are pieces of confidential information that can be sold or licensed and can encompass a wide range of information. From recipes and customer lists to marketing plans and pricing strategies, there is an abundance of information that falls under the trade secret category.

What qualifies as a trade secret?

According to the World Intellectual Property Organization, to qualify as a trade secret, the information must reach these requirements:

Commercially valuable, giving a competitive advantage
Be known only to a limited number of individuals
Be subject to reasonable steps taken by the rightful holder of the information

How can a trade secret be protected?

There are many preventative steps companies can take to protect their trade secrets from theft or misappropriation such as Non-Disclosure Agreements or Non-Compete Agreements. Another commonly implemented strategy is to train employees on the importance of trade secret protection and the consequences of disclosing the protected information.

One of the largest trade secrets in the world is the Coca-Cola recipe, made from a secret mixture of the stimulant coca leaf and African kola nuts, which contain caffeine. Don’t worry, the universally-loved soda recipe is still kept safe, although, in 2021, a former Coca-Cola employee was convicted of trade secret theft related to BPA-free coatings that line the soda cans to retain flavor. Dr. Xiaorong You was convicted of selling this Coca-Cola trade secret to the Chinese Government. The Indictment alleged that the trade secret information cost almost $120 million to develop.

After uploading multiple trade secret documents to her Google Drive, Dr. You was arrested on February 14, 2019, and her trial began in April 2021. According to prosecutors, Dr. You had plans to share this information with the Chinese government to start her own BPA-free coating firm. The jury convicted Dr. You of possession of stolen trade secrets, economic espionage, and wire fraud. This Coca-Cola chemist and former employee is now facing 14 years in prison for trade secret theft.

What makes trade secrets distinctively important?

Something unique about trade secrets is their longevity. They have the ability to last as long as they are kept secret! With this, there is no registration process or costs, unlike patents or trademark registration which are time-consuming and sometimes expensive. Trade secrets have the ability to give a competitive advantage, no matter the size of the company.

Trade secrets are a valuable form of intellectual property and have the potential to give companies a significant advantage, and this could apply to your business. By understanding what trade secrets are and how they can be protected, you can ensure that your company remains competitive by safeguarding important information.

If you have questions regarding trade secrets within your organization, contact Martin IP Law Group. Remember, it’s always best to prevent damage rather than reverse it, so protect your intellectual assets today! Our flat-fee consultation is a great place to start.

COPYRIGHTS, ENTREPRENEUR, FRACTIONAL IP COUNSEL, INNOVATION, INTELLECTUAL PROPERTY, INVENTORS, PATENTS, TRADE SECRETS, TRADEMARKS

What is Intellectual Property (IP)?

As a business owner, inventor, or creative thinker, coming up with unique, new, and innovative ideas is what you’re best at. But despite the individuality that comes with creating new concepts, it’s easy to have them stolen in today’s consumer culture. The old saying, “copying is the oldest form of flattery,” isn’t as true today as it was in the past.

Stealing an idea and profiting from it as if it was your own has always been frowned upon, but being copied in 2023 could significantly impact your business – or land you in a lengthy legal battle. While the Martin IP Law Group team can help if this happens, we’d rather help ensure that your ideas, or intellectual property (IP), are protected from the beginning.

Let’s start by defining what IP is. The World Intellectual Property Organization defines intellectual property as “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images used in commerce.” These are all intangible assets, which carry the same weight as tangible assets.

What are the different types of intellectual property protection?

Intellectual property laws give you exclusive rights to your property and allow you to sell it to the public and profit from it. However, there are different types of IP protection.

Copyright: Copyrights protect literary or artistic creations like books, films (i.e., movies, documentaries), software, or music. It prevents other business owners from distributing, reproducing, or using the work in other ways without permission. For example, an author would copyright a series of books to stop other writers from copying their ideas.

Trademark: A trademark is a unique word, phrase, design, or symbol distinguishing a business’s products or services. Other businesses cannot create a similar or identical material with this protection. Brands like Apple or Burger King are examples of trademarks.

Patent: Patents are government-granted exclusive rights protecting inventions or discoveries. The patent owner is the only one allowed to produce, use, or sell it. Some of the most well-known patents are items you use every day, such as the telephone (Alexander Graham Bell) and the lightbulb (Thomas Edison).

Trade Secrets: Unlike the other types of IP protection, trade secrets are confidential pieces of information vital to the operation of a business. Examples are manufacturing processes, customer lists, or marketing strategies. When this information is classified as a trade secret, it prohibits public disclosure or competitor use. Famous trade secrets include the Coca-Cola recipe or the KFC Original Recipe.

How do you start protecting your intellectual property?

IP laws help maintain a balance between creativity and providing incentives for individuals and organizations like you to invest their time, resources, and talents into producing groundbreaking ideas and original products. At Martin IP Law Group, we work with entrepreneurs to protect their information, propelling your business toward success. From the application process to celebrating the finalization of IP rights, our legal experts are with you every step of the way. Contact us today to schedule a consultation.

COPYRIGHTS, ENTREPRENEUR, FRACTIONAL IP COUNSEL, INNOVATION, INTELLECTUAL PROPERTY, INVENTORS, PATENTS, TRADE SECRETS, TRADEMARKS

What’s New at the USPTO?

The United States Patent and Trademark Office (USPTO) released new updates about the patenting process! Here’s everything you need to know about the changes.

As a new patent holder, one of the things you might look forward to the most is receiving your certified patent grant. With its gold seal and official display, it gives you something to show for your accomplishment. However, as of 2023, these certificates will no longer be sent to patentees – or, at least not for free.

So how does this benefit you?

Although you now have to pay more for a physical paper certificate, it does reduce the time it takes between when the issue fee is paid and the issuance of the patent. In addition to that, if you’re a client of Martin IP Law Group, you’ll get your certificate AND a plaque with a copy of your patent on it. We know how important it is to commemorate your accomplishment, and we want to celebrate with you!

The USPTO is also reducing rates for micro and small entities, saving you money and making it easier for small and local businesses to obtain a patent. Instead of a 50% and 75% reduction, you can receive 60% or 80% off the total cost.

Both updates went into effect after April 2023.

Want to stay in the know about future USPTO updates and other legal news? Follow us on LinkedIn, Instagram, or Facebook to keep up with everything intellectual property-related!

ENTREPRENEUR, FRACTIONAL IP COUNSEL, INNOVATION, INTELLECTUAL PROPERTY, INVENTORS, PATENTS, TRADE SECRETS

USPTO First-Time Filer Expedited Program Requirements

As you may have heard, the United States Patent and Trademark Office (USPTO) recently announced the new “First-Time Filer Expedited Examination Pilot Program.” In years past, this expedited process would cost several thousand dollars, but it’s currently being offered for no additional charge. Inventors must typically wait over 20 months for an examiner to review the application and return a written notice of findings. With this pilot program, that time is reduced to less than two months in most cases! The pilot program does have some rules and guidelines you need to know before filing.

First, let’s go over the patent basics. Starting with, who can apply? You, your legal representative, or you and a joint inventor, with the exception of the death of an inventor, the inventor refusing to apply, or the inventor cannot be found. Your invention must also oblige with these four conditions. The invention has the ability to be used, a clear description of how to make and use the invention, the invention is new and not something that has been done before, and the invention is new and not a change to something that has already been invented.

Congratulations, you’ve met all the basic patent requirements! Now, can you file in the USPTO First-Time Filer Expedited Examination Pilot Program? First, you must be a first-time filer; your name cannot be on other nonprovisional applications. The applicant and/or joint inventors must qualify under the gross income basis requirement for micro entity status. Inventors must understand the basics of the patent application process. The pilot program is not open to those continuing applications, applications claiming a right of foreign policy, and those entering the national stage under the Patent Cooperation Treaty.

Lastly, let’s go over the basics for the application to the USPTO First-Time Filer Expedited Examination Pilot Program. Your application must include a specification of the invention, drawings if necessary, at least one claim, an oath or declaration in compliance with 37 CFR 1.63 for each named inventor, and payment of all appropriate fees prior to or concurrently with filing the petition.

Remember, this opportunity lasts until there are 1,000 applicants or March 11, 2025. If you’re interested in this opportunity to bring your invention’s impact to life much quicker than typically expected, contact our team to set up a consultation! The Martin IP Law team has helped successfully register hundreds of patents for our clients.

BRANDING, COPYRIGHTS, ENTREPRENEUR, FRACTIONAL IP COUNSEL, INTELLECTUAL PROPERTY, PATENTS, START UP, TRADE SECRETS, TRADEMARKS

Fractional IP Counsel – Is it right for your business?

Fortune 500 companies like Apple, Microsoft, and Google have teams of in-house intellectual property attorneys who constantly monitor and advise the company on how to identify and protect their ideas, inventions, and identity. The intellectual property of a small or medium sized business can be even more valuable to that company, but may not be extensive enough to justify a full-time, in-house intellectual property attorney on staff. Under our Fractional IP Counsel plans, your small to medium sized business will get the same or similar services as the Fortune 500 companies, albeit to a lesser extent based on your company’s needs, but for a fraction of the cost.

Intellectual Property is a huge asset that is often overlooked. It’s a big part of a lot of businesses, whether it be trademarks, patents, copyrights, or trade secrets. Whether you are a startup, small or medium sized business, or even a large business with an in-house general counsel who does not have expertise in IP law, your business would benefit greatly from one of our fractional IP counsel plans that can be tailored to your specialized needs.

Our Team works with you to provide proactive legal representation

One of the best benefits of hiring fractional counsel is that you are taking a proactive approach to risk management rather than a reactive approach. Instead of reacting to legal problems, you are working with an IP attorney and staff to prevent or mitigate future liability. Regardless of the size of the company, a reactive approach to dealing with legal matters increases the risk of future liability. A proactive approach can reduce the time and cost of dealing with legal matters.

Through our fractional counsel plans, we learn about your business, your goals, and your team to help you grow your company and develop legal strategies and plans that work for your company. Your fractional legal counsel is available to address your legal needs when you need a lawyer, not when a law firm can return your call. Our plans are customizable, so if your needs change, we can adjust the plan to grow with you.

Our fractional counsel plans provide all of the legal services that your company needs for a set monthly fee. This allows small and medium sized companies to have the immediate access to legal counsel that has historically only been available to large companies with in-house attorneys. And by having a set monthly fee, your company has greater control over legal expenses and can budget for legal expenses much more effectively.

Free up your time to grow your business and save money on legal fees

Because our fractional counsel plans are proactive, legal emergencies rarely happen. When they do, you can rest assured that we will be there to handle them so you can continue to do what’s important – run and grow your business! Because the attorney is a part-time contractor, you control how much money you spend for ongoing legal services and what legal services are included in the contract.

Hiring a full-time in-house attorney with salary and benefits is cost prohibitive to many smaller companies. Hourly rates at law firms with attorneys experienced in handling complex intellectual property transactions can exceed $500 per hour. Hiring a part-time attorney with a flat-rate fee is less expensive than either option. And because we are contractors, not employees, you don’t incur the costs in providing comprehensive benefits.

Use Fractional IP Counsel to avoid the five most common mistakes businesses make in protecting their IP

Companies utilzing the traditional approach to hiring an outside IP attorney may ultimately obtain patents, trademarks or copyrights to protect their assets, but they are leaving a lot on the table in additional assets that could and should be protected. Issues concerning proper ownership and the best form of IP protection are often overlooked. Thinking global and monitoring competitors’ IP positions and portfolios are not often considered in the traditional approach. If you want to avoid the five most common ways in which companies fail to adequately protect their intellectual property, click here to download a copy of our FREE REPORT.

COPYRIGHTS, ENTREPRENEUR, PATENTS, TRADE SECRETS, TRADEMARKS

Student Inventions that are Making an Impact

Each year in April, Edison Universe celebrates student inventors with a contest that allows students to showcase their inventions for an opportunity to win one of several scholarships. Many students submitted entries, and the following three inventions were selected as student recipients of the 2017 Edison Award.

NOVA Personal UV Sensor

Invented by students Kali Watkins, Connor French and Brooke Mitchell of Park City, Utah, the NOVA Personal UV Sensor was developed to help prevent skin cancer and to help people develop healthy sun-exposure habits. The commercial version of the invention measures the sunburning portion of the UV spectrum. It allows the user to display UV index, dose rate, and daily accumulated dose. It is available online and sells for $375 at NovaLynx.

Intonation Portable Piano Keyboard

Piano keyboards, even the modern electronic versions, are bulky and difficult to store and transport. The Intonation Portable Piano Keyboard invented by students Hannah Chen and Seth Mazza of Peoria, Arizona can be broken down into designated segments for easy storage and transportation. Our search of the internet did not reveal any information regarding patents on this invention, nor did it reveal any commercially available version of the invention. However, there are a few videos on YouTube which suggest that others are working on similar concepts – Portable Piano First Prototype and Travel anywhere with real portable piano keyboard. Hopefully Chen and Mazza timely filed a patent application for their invention and a trademark application to protect that catchy name to protect their valuable intellectual property!

IKOS Toys

Park City, Utah is home to a program called CAPS, a hands-on engineering program that allows students to explore the real world during high school hours. It is also the home of the third 2017 student Edison Award winners who created IKOS™, a modular spherical construction toy for innovative kids of all ages. This innovative product has won multiple consumer awards, including Creative Child Magazine’s 2016 Puzzle of the Year and Product of the Year Awards. It is available online at IKOS Toys.

These student winners of the Edison Award have looked at problems within their community and have come up with innovative solutions. With the assistance of the Edison scholarship, they will be able to take their innovative spirit to the next level at the college of their choice.

Does your student have a great idea? The final deadline for 2018 Edison Award Nominations is November 17, 2017. To qualify for consideration, the product or service must be launched and available to end-users between July 1, 2016 and February 28, 2018. Winners are announced at the Edison Awards Gala in New York, NY in April 2008.

Before getting too far down the road, it’s important to identify and protect any intellectual property (patents, trademarks, copyrights and/or trade secrets) associated with your student’s innovative product or service. Contact us today to see how we can help you identify and protect these valuable assets.