Protecting intellectual property in service-based businesses, with Erin Austin

Intellectual property is a vital business asset that needs protection. It includes all your ideas, creations, products/services that drive growth.

If you don’t protect your intellectual property (IP), you risk competitors stealing or copying what you do, which could lead to lost revenue.

The digital age has further complicated matters. It is now very easy to accidentally copy someone else’s work, thanks to the rise of AI and automation that continue to blur the lines between innovation and imitation.

But what is intellectual property exactly?

Where do you start protecting what you own?

How do you know when to use a copyright, license or trademark?

And how can you use your intellectual “assets” to increase your sales and achieve business success?

In this episode, our guest Erin Austin breaks down all aspects of intellectual property, its different categories, how to use them and how to start protecting your creations. She also shares tips and insights on using your IP assets to help propel your business forward.

We discuss:

03:55 The difference between copyright, trademarks, trade secrets, and patents.

08:06 How copyrights work

10:05 The enforceability of copyrights

12:19 AI-generated content and copyright laws

14:04 Establishing the legal status of derivatives from your original copyrighted work

15:03 Identifying the rightful owner of copyright for AI-generated content

20:35 Exploring the distinction between “R” and “TM” in trademarks

22:56 Evaluating how long and what to consider when applying for copyrights/trademarks

27:47 Presenting individuals who leveraged IP to transform their businesses

31:05 Understanding the role of licensing, alongside copyrights, trademarks, and trade secrets

33:49 Examining the current models for licensing, including ongoing payments and fixed-term arrangements