What’s In An Idea?
So far I have discussed many of the legal risks to your business. Let’s now talk about a business opportunity. Have you or your business created an idea, product or a service that no-one else has thought of before? If so, you may be able to protect that new idea, product or service and have other people or businesses pay you for the right to use it.
Think you or your business hasn’t created anything that anyone else would want to use?
I would ask you to think again. The range of innovations that can be protected and licensed for others to use is not limited to the big, life-changing inventions like the microwave oven. A more efficient filing system or a new way of meeting your clients’ needs could be legally protected and may even earn you some money.
Consider the following case study:
In 1972, the managing director of Kambrook (a company that makes house-hold electrical goods) developed what is now known as the electrical power-board. Kambrook failed to protect the power-board with a patent and missed their chance to fully exploit decades of consistently healthy demand for the power-board.
According to a Kambrook official, the company missed out on at least several million dollars (http://www.ipaustralia.gov.au/strategies/case_kambrk.shtml).
Reader’s Tip
Never underestimate the potential worth of a new idea, product or service that you or your business have created and are putting to good use at this very moment. In order to take full advantage of the innovations your workers create, you need a clause in all your employment agreements stating that all intellectual property created during the worker’s employment are the property of the business. The absence of such a clause can result in the employee earning the money from the innovation and not the business.
I can prepare comprehensive employment agreements for your business that will fully address this situation and many others. I can also refer you to an intellectual property specialist to maximise the gain you or your business could make from a new innovation.
Want my view on your own situation?
Book an initial consultation: up to two hours with me by phone for a fixed fee of $1,650 (including GST), then a short written note of my advice and next steps. If my conflict check means I can't act, I'll refund your fee in full. To check anything first, email
info@klaw.com.auor call
(07) 3103 3199.
Joe Kafrouni, Accredited Specialist in Business Law, Kafrouni Law
Disclaimer: This article is general information only and is not legal advice. Before acting on it, get advice on your own circumstances. To the extent the law allows, Kafrouni Law accepts no liability for any loss arising from reliance on it. This article is the copyright of Kafrouni Law.
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