Although intangible, intellectual property is as critical to your business’s success as any tangible part. Here are three reasons you should proactively protect your business’s ideas.
It helps your business flourish
Although intangible, intellectual property is as critical to your business’s success as any tangible part. When you protect your business’s intellectual property using trademarks, copyrights, patents and trade secrets, you’re protecting your enterprise at large. With legal safeguards in place, you can ensure you’re differentiating yourself in the marketplace, no one else is profiting off your success, and you’re shielded from liability.
It keeps competitors at bay
Having trademark rights means you’re the only person who can use your name, logo, slogans, and brand colors for your goods and services. No other company can mimic you and steal customers away from you.
Having copyright protections on your work means no one can license, reproduce or distribute your creations without your permission. In other words, you’re the only person profiting off your work, making your assets more valuable.
With a patent, no one can make and sell something you invent for 20 years. This means that if you create a successful product, you’ll be the only one to reap the rewards.
Protecting trade secrets can also prevent your employees from sharing critical information about your business. This stops competitors from gaining and using this knowledge to get an edge in the marketplace.
It prevents legal issues
When you protect the intellectual property you’ve created and used, disputes are much easier to clear up. Since you’re not using anyone else’s proprietary materials, the chances of anyone accusing you of infringing on their intellectual property are significantly reduced. And if you catch another company infringing on your protected intellectual property, you can stop it.
If you’re a business owner with intellectual property you would like to protect, consult an experienced intellectual property attorney.