Software patents are a waste of time and money. Or are they? A well-quoted statistic states that 97% of all patents will fail to recoup their filing cost. It’s also been said that half of all businesses will fail within the first 5 years, and only one third will see their 10th anniversary. However, there are an estimated 100 million new tech startups each year.
The following is a brief summary of the most important issues involved with protecting your copyrights when dealing with the government – specifically the Department of Defense (DoD) – either as a prime or subcontractor.
IP is for tech companies. Every company possesses Intellectual Property. A misconception exists that IP is only for tech companies such as Apple or Intel and IP is only about patents. Not true. 100% of companies possess IP. IP is not just about patents but also includes protecting a company’s brand, is creative work and trade secrets.
Now that more companies in Colorado and the rest of the country are recruiting more employees from other parts of the world, they must take extra care to protect their trade secrets. While companies take a proactive approach to protecting trade secrets, the federal government imposes harsh penalties on those who share them.
After Colorado companies work to find innovative products and services, it is important to protect their trade secrets. If this information falls into the wrong hands, the company could lose profits, particularly in the technology industry. Thankfully, people who disclose trade secrets often face serious consequences.