Intellectual Property focuses on the advancement of ideas and creativity for the good of society as a whole. The concept of rights in ‘intellectual property’ intangible ideas derives directly from the common law of tangible real property ownership and transfer. Rights in real property are generally described in writing by the ‘meets and bounds’ of the property, which delineate location, size and the peripheral boundaries of that parcel of tangible property for the owner. With ownership comes the exclusive right to direct how the property is to be used. Similarly, a patent, trademark or copyrighted work describes in writing the ‘boundaries’ of the intangible idea, and includes the exclusive right of directing use.
In 1789 the United States Constitution specifically provided for the exclusive protection of the ideas of the human intellect. Article I, Section 8, Clause 8, of the United States Constitution granted Congress the power, “To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries.”
It is this incentive that has produced such remarkable modern innovations as the light bulb, plastics, telephones, television, transistors, computer chips and the Internet. This unique constitutional protection continues to power our economy and the economy of the world to this day. Thus by definition and design, the value of property of the intellect is long term – not short term. Long term plans and solutions are a necessity – and a necessary investment in the future.
Intellectual Property Law, derived from the law of property rights described above, generally includes the practice areas of Patents, Trademarks, Copyrights, Trade Secrets, Unfair Competition and Trade Disparagement, in prosecution and litigation venues. Related areas include but are not limited to Computer Software, Internet e-Commerce, Data Security, Intellectual Property Acquisition, Transfer, Licensing and Marketing, Employment Issues including Non-Compete and Non-Disclosure Agreements, advice related to Patent Misuse and Antitrust considerations, and matters surrounding commercialization and monetization.
Recent advances in digital intellectual property have introduced the ‘distributed ledger’ or ‘blockchain‘ means of data decentralized applications (DAPPs), including ‘token’ or digital currency’ or ‘cryptocurrency’ as an alternative means from using fiat currency to monetizing the value of assets. Raising capital by the new concept of a digital ‘Initial Coin (token) Offering’ (ICO) compares to the traditional means of intellectual property finance via ‘bricks-and-mortar’ loans, stock offerings and venture capital investment.
Since Intellectual Property Law focuses on the protection of ideas and creativity, remedies must be available to protect that property when an idea has been stolen or infringed. If agreement to stop unauthorized use cannot be reached, the United States Patent Office, U.S. Federal and State Courts provide mediation and litigation remedies through Restraining Orders and Damages.
Frequently, issues of Business, Corporate or Commercial Law also arise in relation to Intellectual Property Law matters. A common example is when a person acquires a patent, trademark, or copyright but then proceeds to commercialize the product. Issues to consider include business-type selection and formation, membership, commercial contracts and leasing, franchising and joint ventures, buying and selling, reorganization and conversion, financing and venture capital, public and private offerings, officer and director liability, employee matters and more.