Many Internet business owners are oblivious to their actual and potential intellectual properties. Ironically, for most Internet companies the value of the company is almost completely tied to intangibles/intellectual property. For example, the average start up ecommerce entrepreneur’s company assetts could probably be described something like this: home office, computer, cell phone, and a website.
The typical Internet start up company own very litte inventory, equipment, or real property. Therefore, if the company is worth anything, it is in the value of the company’s copyrights, trademarks, and overall goodwill.
For those internet companies who have not taken the proper steps to recognize, register, and understand their company intellectual properties here is a short FAQ you might find useful:
What is a copyright?
Copyright is the legal protection provided to the authors or owners of original works of authorship for work, including: literary, dramatic, musical, artistic, and other Intellectual Works. Copyright protection is provided to both; Published and Unpublished Works. The right is exclusive to the author and governed by The Copyright Act of 1976.
Why would I register a copyright?
While copyright registration is optional, copyright law provides several inducements or advantages to encourage copyright owners to make registration. First, registration establishes a public record of the copyright claim. This is important because before an infringement suit may be filed in court, registration is necessary for works of U.S. origin.
Further, if made before or within 5 years of publication, registration will establish prima facie evidence that your have a valid copyright in whatever work has been registered.
If registration is made within 3 months after publication of the work or prior to an infringement of the work, statutory damages and attorney’s fees will be available to the copyright owner in court actions. (Registration may be made at any time within the life of the copyright).
What is a trademark?
A trademark is a word, phrase, symbol or design (like a logo), or a combination of words, phrases, symbols or designs, that is used to identify and distinguish the source of the goods of one party from those of others. A service mark is the same as a trademark, except that it identifies and distinguishes the source of a service rather than a product.
Why protect a trademark?
Trademarks make it easy for consumers to find your product in the marketplace, i.e. Trademarks help prevent marketplace confusion. Trademarks are among the most economically efficient communication tools and are typically considered your most enduring company assets.
For a much more in-depth study of copyright and trademarks please attend the next scheduled Intellectual Property VirtuaClass.