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The Competitive Edge
It is only by developing new products and improving the products you are now marketing that your company can grow. In order to gain the competitive edge and remain an innovative leader your company must constantly search out and develop new and useful ideas. If the ideas come from outside of the company, substantial royalty payments are usually involved. For these reasons you should seek new ideas from employees and encourage the development of these ideas.
Once developed, these ideas become corporate assets. These assets must be protected from unlawful use by others, and, if patentable, patented. Company-owned patents serve many purposes. They are tangible work product and add to the professional standing of the people involved in making the invention. Aside from the prestige value involved, patents can and do represent a very real financial asset. They are essential for maintaining a competitive position in the marketing of new and unique products; they enable the company to license others and so act as a source of royalty income; they protect the company from others who might develop and patent inventions in areas where you are active. if an innovative idea of potential value to the company occurs to you, or your employees, you should welcome the opportunity to study the idea and, should it be found to be of merit and patentable, to seek a patent on it. These two themes--the value of employee's inventive ideas and the importance of protecting them--are developed at this Web Site.
YOUR IDEAS AND YOUR COMPANY
Employees should be required to sign an agreement covering their responsibilities to the company with regard to assigning inventions, record-keeping and maintaining confidentiality of certain information acquired during employment. If your company does not use such an agreement, MEYER & ASSOCIATES, LLC will be glad to help you. This agreement is meant to safeguard your company's interests in proprietary information. An important duty of each of your employees is to perpetuate your company's competitive position through innovation. This duty cannot be fulfilled if ideas are not properly brought to the attention of management.
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