Multi Million To Billion Dollar Ideas Need Protection
Lana Larder of The NextWomen considers the importance of identifying and protecting your company’s most valuable assets, discussing the issue with Mary Juetten, founder of Traklight, a software product which helps business owners protect their ideas.
Scared off by the cost of IP lawyers or simply afraid to ask? MULTI-MILLION TO BILLION DOLLAR IDEAS need protection!
In 2011, Mary Juetten founded Traklight in Phoneix, Arizona, United States. Mary had a passion to create an affordable software product to help business owners protect their ideas.
Traklight helps you identify, protect and leverage your idea for a startup, invention, or business.
“Traklight is fast, affordable and accessible.”
Juetten worked as an accountant for a number of years, then went to law school and discovered her true passion in class in January 2010.
“I was shocked by the stories of small business owners losing their ideas or receiving cease-and-desist letters if they accidentally infringed on others’ intellectual property.”
While working on a class assignment in law school, Mary found little guidance or online software tools to analyse a company’s intellectual property. This is when Mary decided not to take her bar exams, but instead launch her own intellectual property business.
“In the early years I didn’t think my husband and four teenagers thought I would go through with this,” says Juetten. “He was a very supportive guy and eventually became very excited about everything. Now he is involved in Traklight."
Mary is an expert and contributor in the areas of entrepreneurship, crowd-funding and intellectual property. She is very involved in the advancement of women in the work place.
“One of the most valuable lessons my mother ever taught me was to never, ever put boundaries on what I wanted to do.”
What is Intellectual Property (IP)?
Have you identified your company’s most valuable assets?
IP is the product of your creative mind – and things like inventions, brands, creative works, knowledge, products and services.
Traklight defines four categories: copyrights, trademarks, patents, and trade secrets.
Mary says, “Identifying your IP may be difficult, and if you do not know what IP you have, it can be impossible to protect. We offer a fast, accessible, and affordable solution.”
Traklight believes you should never lose your ideas, infringe on others ideas, or fear IP concepts. Traklight helps you protect your trade secrets, find dates of first use or publication and / or proves you thought of something first. Traklight helps you identify your IP and protect it.
How do I make sure I have protection for my Intellectual Property?
“Tools offered by Traklight are designed to assist you specifically in the identification, storage and protection of your IP so you are safe to build and market your business.”
Mary imagined a simple software tool instead of the traditional first visit to an IP lawyer. This would include a series of questions with answers that customers fill in to identify their intellectual property and options to protect it from competitors.
The free Risk Quiz went online in 2011; the IP Vault in April 2012; ID your IP in October 2012. Later, based on customer demand, they created a multi-user Collaborative Vault to allow teams to share in January 2012.
ID your IP is a software application that guides you through a series of thorough questions to create your ID your IP report. This ID your IP report gives you a list of potential intellectual property, an action plan for IP protection, and strategic IP business advice. This report identifies valuable information for you as you start your business or launch your product. Your report is stored in the IP Vault, which allows you to upload and store documents that prove, support, identify, or validate your IP.
“I planned out what I wanted to do, and it promptly all fell apart because I couldn’t find the right software development people,” says Mary. “It took me three attempts to find a great Chief Product Officer. Then things started to go as planned.”
In 2013, Traklight won the START SMALL WIN BIG, and Juetten began to learn to delegate. “I need to start involving people here,” says Juetten.
The first hires influenced the growth of Traklight in 2013, with Twitter and Facebook campaigns to advertise sales webinars, upgrades to website, improved search engine optimisation and marketing.
Milestone: Infusionsoft Agreement
In September 2013, Traklight signed master services agreement with Infusionsoft. This is for Traklight to help Infusionsoft capture, retain, and leverage their IP and innovation as they continue to grow rapidly.
Infusionsoft is a leading provider for all-in-one sales and marketing software to tens of thousands of small businesses internationally.
“We appreciate Infusionsoft’s foresight in protecting one of a company’s most valuable assets, their intellectual property,” says Mary Juetten. “Infusionsoft inspire us to offer the most intuitive, forward-thinking solutions for our customers.”
Mary realised she could not do it on her own, and was able to enlist Traklight in a tech startup incubator program at the Center for Entrepreneurial innovation in Phoenix. Right after launch they won SUCCESS. This helped refine the company’s promotions efforts and provided marketing help, something Mary had no time for before. Mary expanded Traklight with sales and marketing professionals to help them reach their goal of 1,000 customers and $1 million in sales by end of 2014.
Traklight: Identify your Innovation. Safeguard your Success.
Traklight provides cost-effective, online IP identification tools and resources that enable inventors, creators, entrepreneurs and small businesses to identify and protect their IP. A dynamic set of questions allow users to identify potential IP associated with their ideas. Users simply upload important information to the IP Vault where the files are time-stamped, stored and protected. Traklight is privately held and headquartered in Arizona. Visit http://www.traklight.com/ to try the FREE Risk Quiz.
Lana Larder is currently working on founding the first angel fund for women starting up businesses in Canada. She is a huge advocate for women in business and wants to “shatter the glass box” and break the stereotyping of angels and angel funds in Canada. A published author, Lana has been recognised with local and national awards for her entrepreneurship and leadership.
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