Intellectual Property
Introduction
For an early-stage biotech, intellectual property (IP) is often the company’s only asset – buildings are leased, equipment may be borrowed or not yet ordered, but the kernel of insight upon which the company is based is usually IP.
What
IP is an “intangible asset” (as opposed to tangible assets, like land or machinery). Over the last hundred years, the world’s value has quietly shifted from (vast) majority tangible to majority intangible. This is a knowledge-driven economy. As such, there are many forms of IP, and many ways to protect it. Trade secrets once ruled as guilds jealously guarded their secrets from one another. Patents were a way for societies to benefit from knowledge sharing… while still incentivizing innovation. Copyrights protect creative works, while trade- and service-marks indicate the source of goods or services. In each case, a company should build and protect its IP, and with very few exceptions, that should be done with the assistance of an IP attorney.
When
Due to its central importance in biotech, IP strategy should begin on day 1, and can grow in sophistication and scope with the company.
Why
While initial strategy may be, “spend only what we must”, it is crucial to realize that when IP is a company’s primary asset, that asset must be treated with appropriate care. Additionally, while many generalist law firms have intellectual property practices, their quality varies (make no mistake – some are excellent), so we recommend investigating both specialist IP firms, as well IP practices within generalist/corporate law firms (discussed in the following section).
Learning Goals
Different types of IP, basic IP law, how to select an IP attorney.