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52 Your Idea, Inc.

amount of liability insurance in place as your product enters the
marketplace.

As a disclaimer, I am not an attorney and certainly will not dis­
pense legal advice. But I will share what I've learned about intellec­
tual product protection and ownership, and I hope you will find it
helpful in your j ourney.

I ntellectual Property Basics

Just as landowners have property rights to protect their land from
intrusion, companies and business owners can acquire, to the extent
allowed by law, certain exclusive rights to their "property." These
rights are known as intellectual property (IP) rights. The term "intel­
lectual property" refers to the entire realm of protection for inven­
tions (patents), artistic expression copyrights, and product source
identification (trademarks and trade dress). "Trade dress" is the visual
characteristics of a product or service that includes such things as
packaging appearance or restaurant decor that identify a source to
consumers. For example, the distinctive decor of a McDonald's res­
taurant both inside and out would be an example of protectable trade
dress because it signifies to the consumer that they are in a McDon­
ald's. Should another restaurant copy the decor in a meaningful way,
McDonald's would sue for trade dress infringement. Not only will
knowing IP basics allow you to communicate more efficiently with
your IP attorney, but it will also help you understand how to protect
your product and respect the rights of others. Intellectual property
rights (trademarks, copyrights, and patents) must be applied for and
are conveyed by the U.S. government. If you don't apply for these
protections in a timely fashion, you risk losing ownership and may
have greater difficulty proving ownership or enforcing your rights.

Do I Really Need an IP L awyer?

Dealing with intellectual property is an area where many inexperi­
enced entrepreneurs with a great idea get intimidated and are tempted