Intellectual Property - Law and entrepreneurship Updateo Tesla in Michigano Old Law “an auto manufacturer may not sell new vehicles directly to retail customers except through its franchised dealers”o New Law Delete the word “its”- Intellectual Property Lawo Laws protecting ideas: creations of the mind, such as inventions, literary and artistic works, designs, symbols, names and images used in commerce. Patents Trade secrets Copyrights  Trademarks - IP Law and the US Constitutiono “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”- Patent Lawo Are inventions or discoveries of new, useful, and non-obvious processes or machines o Patent protections: exclusive rights for 20 years or 14o File patent application before public disclosure of ideao Patents are public knowledge. Users pay royalty (license) fee.- Trade secret lawo Definition: valuable business information that a company makes efforts to keep confidentialo Patents: public disclosures and monopoly for about 20 yearso Trade secrets: monopoly for as long as it remains secret- Copyright lawo Exclusive right to use “original works of authorship”o Books, plays, music, art, and other original workso Automatic protection once “fixes in a tangible form of expression”o Protection for author’s life, plus years o Works-made-for hire: publication + 95 years or creation + 120 years o Why register? Necessary to sue for copyright infringement  And treble damages and attorneys fees (if registered within 3 months) Copyright notice: symbol, author, date of first creation- Copyright Law - Fair Useo Exception to an owners exclusive rightso Factors consider Commercial vs. non-commercial Factual vs. creative material Portion vs. whole Effect on potential market for the work- Trademark Lawo Word, symbol, design that identifies and distinguish productso Strong vs. weak trademarks Arbitrary/fanciful (Exxon, McDonalds)  Suggestive (Coppertone for sun tan lotion) Descriptive (All bran, Vision Center, Burger King Generic (Cola vs. coke, Computer vs. Dell- Ownership of Trademarkso Unregistered trademark is tm in a circleo Registered trademark r in a circle o Why register? Nationwide rights  Sure for infringement  After five years, incontestable rights to the trademark  Trademarks can last forever, if company continues to use themo Loss of trademark rights Marks is abandoned Mark becomes generico Trademark infringement: likelihood of confusion Strength of the mark Proximity of the goods  Similarity of the