PROTECTING INTELLECTUAL PROPERTY (IP)
By: Victory Sarah Opawoye
The World Intellectual Property Organization (WIPO) defines intellectual property as “creations of the mind inventions, literary works, symbols, names and images used in commerce”. Intellectual property also refers to any intellectual creation, such as literary works, artistic works, inventions, designs, symbols, names, images, computer code, etc.
The purpose of intellectual property is to safeguard the individuals who create various works, such as literary and artistic works, and it encompasses aspects such as copyrights, patent and trademarks.
Frequently Asked Questions (FAQ)
At What Point should I Safeguard my intellectual property?
When something new is created, it must be protected by the owner of such assets. For example, there was a cease-and-desist notice from the creator of the “ELLU P” slogan to the general public in a bid to enforce his intellectual property rights (IPR).
WHY SHOULD I PROTECT MY IP?
Although it might be said that it is not compulsory, protecting your IP is a necessity. Imagine pitching your idea to an investor, the idea is turned down, reformed and stolen from you, without any credit or your consent. How do you enforce your IP right?
Intellectual property protection gives you exclusive rights to your works and a right of redress where there is a violation. While researching, I came across a famous IP case, Waymo LLC v. Uber Techs., Inc. – No. C 17-00939 WHA, 2017 U.S. Dist. LEXIS 73843 (N.D. Cal. May 11, 2017).
Waymo is the self-driving car unit under Google’s parent company Alphabet. It started in 2009 as Google’s self-driving car project and broke off from Google in late 2016. Anthony Levandowski, the central figure in this lawsuit and the man accused of stealing trade secrets, was a co-founder of Waymo and worked on the project as a technical lead. Levandowski left Waymo in 2016 to found Otto, a start-up company focused on self-driving trucks, which was acquired by Uber in August 2016. The controversy in these cases arises from Waymo’s claim that, shortly before he left Waymo, Levandowski downloaded more than 14,000 files related to Google’s self-driving car technology. Allegedly, Uber proceeded with the acquisition of Otto with full knowledge of these files and with the express intention of using that intellectual property in their own self-driving technologies, a theory which is supported by the fact that Uber indemnified Levandowski for intellectual property claims as part of the acquisition.
Waymo accepted a settlement offer from Uber. Uber agreed to a financial deal that includes 0.34% of Uber equity at a $72 billion valuation.[i]
What are trade secrets?
Trade secrets are business practices, formulas, designs or processes, recipes used in a business. E.g Coca-Cola formular
BENEFITS OF INTELLECTUAL PROPERTY PROTECTION
1. Copyright gives authors, performers, producers, artists, writers, designers, cinematographers a right to obtain economic reward for their creations, inventions, ideas, and works.
2. It can help turn ideas into profit making businesses. Intellectual property rights can help you generate business through the licensing, sale and even commercialization of the products and services protected under IPRs. This will ultimately improve the market share and helps in raising profits. Having registered and protected intellectual property rights can also raise the business’ value in case of sale, merger or acquisition.
3. IP can be used to attract investors and can be used as a security. A patent for an invention can be used as a collateral or security.
4. It creates an identity for your business. Every business has its uniqueness which is vital to the business as it distinguishes your products from those of other brands and promote them to reach the target audience.
5. When your IP is protected, you can exercise the right to institute an action in court against any individual, company, or group of individuals infringing on such rights.
6. Protecting IP will also ensure no one claims your work and ideas for their ideas own benefit without requisite consent.
The major reason for Intellectual Property Law is to encourage the creation of a wide variety of intellectual goods and services for consumers. To achieve this, the law gives people, and businesses the right to information and intellectual goods they create.