| Necessity is the mother of invention. However, | | | | with a JV partner and have developed intellectual |
| invention can be just good business too, especially | | | | property, here are some things you should do to |
| when two great entrepreneurial minds come together | | | | protect it. |
| to form a joint venture and develop an innovative | | | | Patents - New inventions, such as the software |
| new product. If your JV is in business with something | | | | program, should be patented for your protection. |
| new, innovative, and that excites consumers, make | | | | With a sole patent on the product, you can license it |
| sure you make the most of it. | | | | for sale or for others to manufacture and sell. |
| Joint Venture and Innovation: A Perfect Match | | | | Residual income can amount to millions of dollars with |
| A JV joins the minds and resources of two individual | | | | the right patent and licensing strategy. |
| businesses or business owners and creates a third | | | | Trademarks - A trademark can be a highly valuable |
| business with a new product. Many times, a JV team | | | | identification. A product or even your JV business |
| will discover that their initial enthusiasm for the | | | | name can be trademarked if it becomes highly |
| venture has created something even bigger than | | | | reputable and recognizable. A word, phrase, logo, or a |
| their imaginations first suspected. When that happens, | | | | combination of these can become a trademark. |
| and innovation and creativity reign, a truly remarkable | | | | Copyright - A copyright is any creative artistic or |
| thing can happen in the intellectual property world. | | | | literary endeavor that has manifested into a |
| Let's say you are an expert software programmer | | | | concrete, tangible item. Books, articles, paintings, |
| and an enterprising individual approaches you to form | | | | graphic designs, sculptures, music compositions - all |
| a joint venture using your programming skills and his | | | | these can be copyrighted and licensed to others for |
| database designing expertise. The original idea was to | | | | publication, performance, or display. If you and your |
| develop a database system that would make | | | | JV partner create copyrighted material, be sure to |
| invoicing, billing, and purchase easier and | | | | carefully manage the licensing and use of these items |
| cross-referenced for coding and authorization for | | | | to increase the maximum profit. |
| distribution businesses. The final product was such a | | | | Intellectual property is sometimes overlooked. Take |
| success that it has found useful application in almost | | | | time to make an inventory of the intellectual |
| any business that does shipping of manufactured | | | | property developed by you and your joint venture |
| items. | | | | partner. The inventory may surprise you. It is also |
| How to Protect Your Innovation | | | | recommended to hire an attorney who specializes in |
| What you and your JV partner created was highly | | | | intellectual property to help not only protect these |
| valuable intellectual property. Your patent for the | | | | assets, but to help license them to the maximum |
| software and licensing potential can shoot your joint | | | | benefit of your JV business. |
| venture equity through the roof. If you are working | | | | |