Practice Safe Crowdfunding: Traklight @ Game CoLab
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Want to crowdfund? The first step is NOT creating that campaign. Learn the 5 steps that end in creating that pitch! First identify and protect your ideas; pick a platform; create social capital and then create your pitch! more at traklight.com
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Practice Safe Crowdfunding: Traklight @ Game CoLab
- 1. "TRAKLIGHT", "ID YOUR IP", "IP VAULT", and "IP CLOUD" are registered trademarks of The PIP Vault, LLC. © MMXIII The PIP Vault, LLC. All Rights Reserved. 20 June 2013 Mary Juetten, Founder & CEO
- 2. Start on the Right Trak Do NOT start with creating a: Campaign Pitch or Business Plan THIS APPLIES TO ALL FINANCING! Disclaimer: This is intended to be general information. Nothing in this presentation constitutes legal advice. Please consult with an attorney before making any intellectual property protection decisions.
- 3. Got Intellectual Property? IDENTIFY your IP BEFORE YOUR CAMPAIGN HERE
- 4. Why Care… • IP theft costs US companies $250 billion annually • 100% of all companies have IP • 700K new startups annually vs. 20% protected IP after 1st year • IP is most valuable asset and not on your Balance Sheet • Exclude competition; Attract investment; Leverage & license • Avoid IP loss, infringement, or business failure
- 5. What is IP? • Patents (utility & design) • Copyright © • Trademark/Service mark TM SM ® • Trade secrets – unsung heroes
- 6. IP Misconceptions • IP is just for Tech Startups or Tech companies & Patents are the only IP for inventors • Trade secrets are the easiest to protect because there is no registration. • You can copy anything without a copyright © • You can copyright an idea. • Domain = TM • If I pay for it, I own it. • Patents means right to make or sell
- 7. WHO: IP Ownership Challenges • Multiple Inventors • Who are you? Employee • Who has the Rights? Company or you? • Are you going global?
- 8. Step 1: IDENTIFY IP WHY WHO WHAT WHEN WHERE ✔ ✔
- 9. • Idea • URL • Name • Know how • Video • Employees • Contractors • Partners WHAT: Campaign or Plan
- 10. STEP 2: Protect IP • Do it Yourself: – USPTO.gov – Copyright.gov • Hire a Professional: – Attorney, Consultant, Legal Zoom, Rocket Lawyer • Secrets: – Notary, TRAKLIGHT IP VAULT, Copyright software
- 11. • Date of Idea/Invention (First to Invent First INVENTOR to file) • Date of Use • Date of Filing • Date of Conversion • Renewals WHEN: Key Dates to Remember
- 12. Step 3: PICK PLATFORM How it works online! • EQUITY BASED: Online Business Plan Required
- 13. GET READY NOW Equity is not yet Legal Create a Pipeline Same steps as other Financing Sources
- 14. EQUITY is not Easy Requirements include: Financial Statements Background Checks Valuation Business Plan
- 15. REWARDS CHOOSE THE BEST PLATFORM FOR YOU: • ALL OR NOTHING • % BASED ON TYPE • BE REALISTIC
- 16. STEP 4: RAISE SOCIAL CAPTIAL Success is directly related to Social Capital Social Capital is more than Social Media Quality not Quantity
- 17. CONTENT IS KING Expert Blogs Speaking Social Media PR Start working on this before you launch your campaign.
- 18. RESOURCES • CfPA, CfIRA • Crowdfundingroadmap.com Annual Oct 14th – 16th Convention & Bootcamp • Crowdfundcast.com – podcast • Getting Started with Crowdfunding Investing for Dummies in a Day • Crowfunding Hatchery • Traklight.com/IP Cloud – free resources & paid coaching • Crowdbuilder by Leverage PR- in-depth publicity instruction, task and milestone management, to integrated calendars and media lists
- 19. ONLINE Campaign Business Plan Projections ` STEP 5: CREATE PITCH
- 20. READ READ READ Read License & Permission to Use Check out Creative Commons
- 21. Ignorance is not a Defense Be Careful: Video Copy Business Plans
- 22. • Incubators & Accelerators • Mentors • SBDC • SCORE • Startup America • Competitions • Angel Lists • Resources: TRAKLIGHT IP CLOUD Additional Help
- 23. Summary IDENTIFY IP PROTECT IP PICK A PLATFORM RAISE SOCIAL CAPITAL CREATE PITCH
- 24. Remember!
- 25. Mary Juetten mejuetten@traklight.com @traklight Facebook.com/traklight Text IPHELPU to 72727 for the latest white paper Or visit bit.ly/IPHELPU
Notas do Editor
- If you take nothing away, please
- Kaufman study – not a lot of primary research on IPIP Loss – customer list stolen, create a brand and materials but infringing, and computer code not belonging to youIt is not just legal, it is good business. Not just IP attorneys but business attorneys. TI makes more from licensing than products, 40% of US companies’ value does not appear on BS (50% in the EU)
- Car – represents Patents – think how many different patents are in a car.Coke – design of the bottleWebsite copyrightTrademark – Coke – protect from Brand confusion – l bought the wrong cookies! Looked it up Fig Newtons 1914ish and Newmans 1997 – hmmmmmm.Coke is $100 billion dollar brand and only $40 billion on the balance sheet…
- Example of startup – to show that actually patents least amount of the time - NAME, BRAND, BLOG, Customer or Supplier List, and then Invention or Product – has 100% IP. Patents are more rare for startups! Trade secrets – cheapest but can be easiest to lose.If you patented the wheel (which I found out recently is not the actual tire) if you did not have the right to make a tie rod Example of focus on IP patents, miss the boat on the others, some simple things like protecting Trade Secrets with employees.1 – Simply does not. Only protected in the US. And also actions within the US can impact outside - example patents – until March 2013 changes, once you file in US, you have disclosed your invention and kills ability for international patents. Also, if you publicly disclose your invention with enough detail, you have also killed your ability for international patents 2 – simple ex. copyright – when many parties are doing a project – like these slides to more complex & problematic – patents – if more than one person listed on a patent as owner – regardless of contribution – EACH owner has the right to independently exploit the patent WITHOUT consulting the other.Example of a person who goes to a university and gets one idea from a professor and puts into patent – are they required to list that person as an inventor? 3 – who is actual owner of the IP – if individual inventor or person who filed, need to have a formal written assignment to the Company to assign all the rights otherwise…. 4 – May have a patented process but if an exclusive license to use or sell has been executed, then important to disclose and to understand how/if that impacts your ability to attract investors. 5. For example if you have a contractor developing software for you and they in turn use some freeware and you are charging for the software. You pay the invoice for the contractor and you think that you own this new software. Issues – copyright infringement because free ware used and then resold; if you have not expressly outlined who owns the IP in the software in your contract, you may have not retained the rights to the software. Contractors are not same as employees.
- Approach is methodical, like a checklist
- Knowledge is PowerGet informed and you will save time and money.ABSOLUTELY get attorneys or consultants.
- First INVENTOR to FILE and can Disclose and File.
- Microventures, CircleupSoMoLend is debtAngel List – accredited investors
- Not all the requirements but not to be done over night.
- Pebble Watch campaign was an outlier
- Quality not quantify
- Ask Audience what IP for each Case.Maria’s restaurant example - Have the name, working on the signage and everything, do not use yet but want to save money and wait to file until in use (means offered for sale) BUT someone else files – they win – explain Common Law TM but you do not have because not offered (explain Breanna’s pool concept – know your rights). Trade secrets need to be protected – process or recipes – have employees sign off and mention trade secrets specifically – also trade secret is different every state but need to take reasonable steps to protect something of value.Inventor – Phillip with Smart Focus, the need to document in proper inventors’ notebook and file patents but WAIT you infringed on a TM, any funding presentation, competition (crowdfunding will end up with a huge issue because Enabling Public Disclosure – all 3 are needed. Make sure all inventors’ listed – remember that if listed do NOT have to consult with you. Example from PGCC where the first guy said he did not have IP protection and was there seeking help and the second guy left an important piece at home.Website – copyright every 3 months for blog, careful re copyright taking others’ photos – just because no C does not mean that not still copyright issue. Also if you have videos done, make sure you have the copyright.Software created by outsiders – if they violate copyright and put into your code, can be a problem if not shown (open source read the T&Cs regardless). Need to have all IP assigned. Have business attorney check documents.DO NOT FORGET ABOUT managing IP – need to look for dates, renewals, maintenance fees etc.
- Infringement is real issues