What’s In An Idea?

Joe Kafrouni

22 Feb 2015

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min read

So far we 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?

We 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.

We can prepare comprehensive employment agreements for your business that will fully address this situation and many others. We can also refer you to an intellectual property specialist to maximize the gain you or your business could make from a new innovation.

Joe Kafrouni
Legal Practitioner Director
Kafrouni Lawyers

Disclaimer

The information provided by Kafrouni Lawyers is intended to provide general information and is not legal advice or a substitute for it. Business people should always consult their own legal advisors to discuss their particular circumstances. Kafrouni Lawyers makes no warranties or representations regarding the information and exclude any liability which may arise as a result of the use of this information. This information is the copyright of Kafrouni Lawyers.

Liability limited by a scheme approved under professional standards legislation.

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Joe's been our company’s lawyer from the beginning and has been instrumental in our journey as company owners and directors. When dealing with both complex and sensitive company issues, Joe is able to provide us with clearly articulated strategies that are well thought‐out and with the bigger picture in mind. He genuinely cares and is always willing to share his personal views, which are both honest and just. Joe is highly professional and knowledgeable in his field. You will definitely benefit having him on your team.

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Kafrouni Lawyers assisted me to resolve my partnership and company shareholder dispute over a family cattle business and property. From the start, Joe provided practical advice and options to resolve the dispute away from the courts. His perseverance and technical skill helped unravel a complex financial structure, resolved disputed shareholder claims, and resulted in a signed settlement deed rather than litigation. Joe cared to explain the legal and financial complexities behind his step by step advice and maintained our focus on the end goal. Joe's involvement certainly improved my family's position and I recommend Joe to anyone finding themselves in similar circumstances.

The biggest lesson I have learnt from you recently, Joe, is that it pays to have a professional such as yourself on my side to deal with matters that I am unequipped to handle … so I can carry on with the task at hand of building my business! Thanks again, I’ll take pleasure in recommending your services to anyone in need.

Joe, I appreciate it was a very long day yesterday but we got there in the end. I thought you did a great job and I enjoyed watching your approach and the way you conducted the mediation.

Joe, as you know we were in a very difficult position with our company before we engaged you as our lawyer and fortunately, even with the odds stacked heavily against us in our shareholders dispute, you managed to pull us through to victory. You are a true credit to the industry not only because of your skilled negotiating tactics but also due to your personable nature, which made us feel comfortable in such a volatile situation.

A big thank you for your time today, Joe. Thankfully we managed to strike a deal although it took a little while to do. Thanks for your patience and perseverance.

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