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IP Identifier Tool for Identifying Valuable IP

The US Patent and Trademark Office (USPTO) recently announced the launch of the agency’s new Intellectual Property (IP) Identifier tool. The tool is designed for those who are less familiar with IP, and it can be used to help identify whether a user has intellectual property and how best to protect it. 

The USPTO notes that companies significantly benefit from protecting their IP:

Companies benefit from having IP protection. When used as collateral, a company’s first patent increases venture capital funding by 76 percent over three years and increases funding from an initial public offering by 128 percent. It can also help serve as a recruiting tool: The approval of a startup’s first patent application increases its employee growth by 36 percent over the next five years. Further, protecting your IP can also increase your market share – a new company with a patent increases its sales by a cumulative 80 percent more than companies that do not have a patent.

The tool currently includes two modules: a Basic IP Identifier module and an Advanced IP Identifier module. According to the USPTO, the Basic IP Identifier module consists of six simple questions that allow users to quickly assess the type of IP they should protect. The Advanced IP Identifier module allows users to learn about their specific type of IP and obtain links to additional resources, including how to file an application for protection.” A third module on Managing IP is under development.

DISCLAIMER: The information provided is for general informational purposes only. This post is not updated to account for changes in the law and should not be considered tax or legal advice. This article is not intended to create an attorney-client relationship. You should consult with legal and/or financial advisors for legal and tax advice tailored to your specific circumstances.

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