The Critical Role of Timing in Managing Intellectual Property

Abstract

In today’s environment, timing is a critical part of business strategy. Nowhere is this truer than in managing intellectual property in an increasing global marketplace. The creation and protection of intellectual property assets often depends on taking just the right legal action at just the right time, every time, over time. The consequences of failing to do so can be disastrous, but may only be felt at a later time or in other markets. The difficulty for business people lies in the fact that the time-sensitive aspects of intellectual property cannot be managed effectively by relying on intuition or resolving to see a lawyer when the need arises. This article provides a basic primer on the critical role of timing in identifying, creating, and protecting intellectual property assets. It discusses the most common types of intellectual property—patents, copyrights, trademarks, and trade secrets—and compares the role of timing in the creation and protection of each type of asset. Most importantly, it summarizes the key issues of timing in the creation and protection of intellectual property.