Volume 11 | Number 3
You may download and read the Full Edition, or click on a citation below for the individual articles. Journal content dating from 2005 is available on the Lexis-Nexis database. Content dating from 2006 is available on the HeinOnline database. Journal content, starting with Volume 8, is now available on the Westlaw database (subscriptions required).
CREATIVE CAPITAL: INTELLECTUAL PROPERTY CREATION AND VENTURE CAPITAL
Michael S. Mireles
11 Wake Forest J. Bus. & Intell. Prop. L. 360
OPEN VERSUS PROPRIETARY AS BUSINESS STRATEGY
11 Wake Forest J. Bus. & Intell. Prop. L. 365
Keynote Speech (Transcript)
ADVANCING TECHNOLOGY IN THE CONTEXT OF THE COMPETITIVE LANDSCAPE: AN INDUSTRIAL TECHNOLOGIST’S PERSPECTIVE
Sharon C. Presnell
11 Wake Forest J. Bus. & Intell. Prop. L. 380
An integrated strategy is required to identify, manage, and capture the value from intellectual property that arises in the research environment. Experimental results must be screened routinely to identify potential intellectual property, including novel or improved methods and compositions as well as new or expanded applications. Strategic evaluation of potential intellectual property requires a comparison of the method, composition, or application to existing patents and patent applications, in addition to gaining an understanding of the published literature and other public-domain information. Ultimately, the timing and mechanisms employed to protect intellectual property can play a major role in the success of a product. In this article, specific examples from the medical device and regenerative medicine sectors are utilized to highlight strategic approaches that may be used to effectively understand and navigate the competitive landscape in the pursuit of product development.
ETHICS FOR BUSINESS LAWYERS REPRESENTING START-UP COMPANIES
11 Wake Forest J. Bus. & Intell. Prop. L. 401
Starting in the 1990s, it became an increasingly common practice for lawyers—particularly Silicon Valley lawyers—to take an equity investment in the business ventures of their new clients. While the practice lulled somewhat in the aftermath of the burst of the dot-com bubble, it is becoming relevant again as the market for stocks of high-tech companies has been gaining strength in the wake of the economic recovery from the recent Great Recession. This Essay explores the ethical issues as well as the general business considerations that arise in connection with the practice of taking stock in lieu of payment of legal fees in cash, which has long been the traditional billing practice for legal services. For reasons that are described in detail in this Essay, many academics and experienced venture capital lawyers believe that taking stock in a client presents significant potential to strengthen the lawyer’s relationship with the new business client. At the other end of the spectrum, there are others within the legal community (both academics and practicing lawyers) who just as strongly believe that these equity investment arrangements significantly undermine time-honored ideals that have long guided the legal profession in determining how corporate lawyers should go about fulfilling the ethical and fiduciary obligations that they owe to their business clients. This Essay describes the advantages and disadvantages of these equity fee arrangements in order to address the fundamental public policy concerns presented by the growing practice of taking stock in payment of legal fees—namely, whether this practice serves the client’s best interests, and separately, whether these arrangements also serve the best interests of the legal profession.