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The Internet of Things (IoT) will enrich and improve our daily lives on many levels but will also challenge well-known business models and legal risk scenarios. With IoT, new ways of doing business emerges together with changes in legal risks and cybersecurity risks – some which are not yet imaginable and some which can potentially inflict damage to individuals.
Gorrissen Federspiel acknowledges the IoT movement’s infinite possibilities and challenges, and we wish to collaborate with our clients by sharing information and starting the journey in the safest way possible.
At Gorrissen Federspiel, we have an overall experience with digital transformation involving projects and sprints within sector specific IoT solutions, and we know that close collaboration between legal and IT-specialists throughout the project can help ensure the best outcome.
By involving us in the design stages we can help develop compliant design criteria and avoid becoming a legal “show stopper” or “bottle neck” later in the process – which typically happens just before launching the IoT solution. This way, starting collaboration in the early phases can save you time and resources.
Our teams consist of lawyers who have worked as in-house counsels, IT specialists, project managers and legal professors.
We work internationally, and our goals are:
We would love to connect with you, hear your thoughts, and share our knowledge. So much in fact, that we will do it without charging you a fee.
If your business can gather more than 20 people, we will gladly spent an hour at your premises on giving a presentation within your specific line of business.
If you wish to make the request together with other companies in order to reach the 20-person cut, you are very welcome to.
We are not far away and always ready to connect with you.
An IoT solution does not need to be designed or developed fully by the company bringing it to market.
Typically, companies will either buy the IoT solution or choose to license the IoT solution. The purpose of this transaction is to bring it directly to market or to continue developing it – perhaps embedding an AI solution into the IoT solution.
Before purchasing the IoT solution a technical due diligence has to be carried out ensuring sufficient IT-security.
The investigation also needs to look into the use of source codes and license issues with potential open source codes or other licensable application programming interfaces licenses including the use of trademarks in the IoT solution.
Doing a regulatory due diligence is also advised to make sure the IoT solution complies with mandatory privacy legislation and specific sector legislation.
Finally, the IoT solution should undergo a “what if” test throwing possible worst-case scenarios of unintended use upon the IoT solution to identify risks and possible ways of mitigating those.
As with the purchase of an IoT solution the same due diligence should be done when licensing an IoT solution.
The license agreement will set out the user terms and limitations as to where and to what the IoT solution can be used for.
Having a geographical limitation can impair the business model of the licensing, as will a limitation of material scope, e.g. only to be used in limited businesses etc.
Non-exclusiveness and other restrictions such as to own additions to the IoT solution for the licensee could also be damaging to the business model especially if competitors can freely use developments of the IoT and if developments by the licensee cannot be claimed as own IP rights.
Finally, licensor should warrant the IoT solution being compliant as to the use intended by the licensee with the possibility to terminate for cause if this is not complied with. A robust description of the intended use is recommended as an addendum to the license agreement.