Intellectual Property Imitates Real Property

From TimesDispatch.com,

Imagine this: A guy walks into the office of a commercial real estate broker and says he wants to buy and develop a piece of commercial real estate as his new business venture.

"Fine," says the broker. "What kind of real estate did you have in mind? Office building? Strip shopping center?"

"Office building," replies the customer. "I'm all set up. I've got my office leased and set up, computer system ready, staff hired, letterhead printed, architects retained and coffee brewing. I'm ready to roll."

The broker replies "OK, how much were you looking to invest?"

"I've only got about $500," says the customer. "I've spent nearly all of my budget on setup and salaries, and have a small amount left over for the property acquisition."

"You're kidding, right?" the broker spits out. "You've got bank financing or something else lined up, right?"

"Nope" says the customer with a straight face. "C'mon, I'm a small business with a small budget. This is all I have to put into this deal. Work with me."

While this scenario is laughable in real property, it is common in intellectual property.

Entrepreneurs often fail to consider that IP is a critical part of the foundation of any business. Without the proper IP protection, competitors can steal your name, your creative works, your inventions, and even your secrets. Few businesses could survive this kind of assault. Therefore, it is necessary to plan accordingly to protect these valuable assets.

With proper planning, IP can be an integral part of the business plan. That planning should include sitting down with an IP attorney and explaining the venture prior to making investments. Just as a real estate lawyer may recommend inspections before closing, the IP lawyer may caution against showing an invention to a potential buyer (in some instances, it can foreclose the ability to patent that invention).

A solid IP plan puts the necessary protections in place before competitors have the chance to take advantage of your hard work.