When starting a business from scratch, it’s not only about aggressive marketing and raising funds. Protecting your company’s assets can ensure the smooth functioning of your operations.
While tangible property such as land and physical products are being protected against theft for thousands of years, intellectual property rights are relatively new. They cover intangible property as well as ideas.
We have discussed four types of Intellectual properties for the business you need to protect at all costs.
Take a look.
Trade Secrets
These are processes, formulas, devices, and other business information that companies keep secret to gain an advantage over their competition.
You cannot register your trade secrets to obtain protection, unlike other forms of intellectual property. Protection is only valid as long as you take the necessary steps to prevent disclosing or using the information.
Businesses can use post-employment restrictive covenants, nondisclosure agreements, restricted access to confidential information, and other similar measures to protect trade secrets.
An excellent idea to protect intellectual property is by looking at your industry competitors as if they are competing for your ideas. Your company is best protected if you want to make sure that others cannot use your unique inventions, works, or marks.
So, it is critical to meet with the employees to keep them informed about what should be kept out of the public discussion and which assets must remain away from rivals.
Also, it is vital to protect ideas both digitally and physically. You need to track who has access to what and limit who can gain access.
Copyrights
Copyrights protect the original works of an author or content creator. These can include dramatic, choreographic, music, literary, pantomimes, choreographic, pictorial, sculptural, sound recordings, artistic works & computer software. Copyright protection gives the holder the exclusive right to modify, distribute and perform the work.
Copyright laws require that you put the work in a tangible medium. This could include words written on paper or music notes on a sheet. You can register at no cost. Copyrights are created from the moment. Note that your work becomes eligible for copyright from the moment you create it. So, make sure to register it as soon as possible.
Average processing time for e-filed copyright applications takes 2 1/2 months and slightly more than 5 1/2 for paper filing. The copyright’s duration is dependent on many factors. However, generally, works created after January 1, 1978, have a copyright that lasts for the author’s life tenure plus an additional 70 years that are non-renewable.
Patents
Patents grant property rights to an invention. This allows the patent holder to prevent others from using, making, selling, or selling the invention. The success of a business depends on its innovations. This is because innovations can help them develop better products or formulate processes that give them a competitive edge.
You can obtain a patent by filing a request with the U.S. Patent and Trademark Office (USPTO). Anyone who copies your patent-protected invention, design, or discovery is liable to be sued by you. Failure to patent your invention gives the legal right to your competitors to replicate your invention and might as well get an edge over you through aggressive marketing.
Note: You lose the chance to patent your invention if you do not file for patent protection within 12 months after releasing it in public.
Trademarks
A trademark is a word/phrase, symbol, or design that distinguishes one business’ source of products (service marks) or its competitors.
You must provide a clear representation of your mark and identify the type of goods or services for which it will be applied. If you don’t register your trademark properly you might face trademark cancellation down the line. You can also apply for trademarks online. Fees will vary depending on the kind of form and how many goods or services you are applying for.
Remember that trademarks are subject to expiration after ten years. Their renewal terms last for ten years.
Final Word
It is vital to be vigilant about all potential risks to your IP portfolio. This includes more than simply looking out for infringements and keeping up with regulatory trends. Internal mishandling could also threaten the value of your intangible assets portfolio. Contact IP lawyers in Brisbane to help you protect your business’ valuable assets.
