Intellectual Property is an aspect of business that is highly tended to by global companies and businesses. However, newer entrepreneurs, who are presented with overhauling amounts of information and responsibilities, often overlook the element of IP and its protection. Intellectual property, when used right and protected properly, can take your business to another level. Here are four important facts every entrepreneur must know about intellectual property.
- What is Intellectual Property?
Intellectual Property or IP is anything that is created by the mind, such as literary and artistic works, inventions, names used in commerce, etc. In the business sector, IP includes inventions, graphic designs, artistic works, brand and domain names, website content, software and programs, and proprietary information. Intellectual property is a representation of immaterial property that holds monetary value. Every business should have an IP strategy that is protected and adapts with time and global trends. All IPs should be protected, and the main four legal methods of protection are patents, copyrights, trademarks, and trade secrets.
- You Must Always Protect your IP
It is crucial for entrepreneurs to protect their intellectual properties to avoid their work from being stolen or claimed by someone else. Your IP can be worth a lot of money, and without proper protection, someone else can profit off of it. You can also make money by selling your IP, but for that it must solely be yours. If you’re not sure how to protect your intellectual works, there are intellectual property law services that can provide in-depth information about why and how one should secure their intellectual properties will be necessary. Contact your local attorney as soon as you start a business to prevent any future damages, and try to go local. If you are from New York, reach out to a New York trademark attorney, same goes if you are from Boston, find an attorney from the Massachusets area. Your IP can be worth a lot of money; without proper protection, someone else can profit from it.
IPs can either make or break your business, depending on how you safeguard and use them.
- What are the Different Types of IP Protection?
Patents: When you patent an invention, you are given its ownership rights. From processes to machines, there are a multitude of things one can get patented. As an entrepreneur, if you invent a new product or establish a new brand, you must patent it as your own before marketing so that no one else can claim it to be theirs.
Copyright: This legal protection safeguards works of art, writing, music and other forms of IP. When you copyright your work, any individual who wishes to use your work must be permitted to do so by you. They must also acknowledge you as the owner of the work, and you can choose what they use your intellectual work for. An exception where your acknowledgment isn’t required is in Fair Use, where anyone can use a part of your work for educational and commentary purposes, so long as they give you credit for your work.
Trademarks: A trademark is a word, design, logo, or phrase that is used to distinguish the goods and services of one provider from that of another. Your business’s identity lies within its brand name or logo. If you have a catchphrase for your company that you wish to use publicly, then you must get it trademarked or else other organizations will be free to use it, too.
Trade secrets: A trade secret is a piece of confidential information that gives one corporation/ organization an advantage over others. Non-disclosure agreements or NDAs are used to make sure that these secrets aren’t leaked. For instance, your business may have developed a program that helps with market analysis, so it gives you a competitive edge over other businesses. You could consider this as a trade secret.
- What to do when Someone Misuses your Work
No matter what type of intellectual property you own, if you feel that someone is violating the laws surrounding its use, you can sue them for infringing on your rights. Approach a lawyer immediately if you feel that your intellectual work is being used against your will and acknowledgement. Most of the time, these situations are handled quietly if the person infringing your rights wasn’t doing it intentionally. However, if it comes to light that there was any malicious intent behind the act, you can sue for damages and get compensated appropriately. It is very common to see small businesses and new entrepreneurs not suing for damages or filing a complaint against the perpetrators for fear of a counterproductive result. However, businesses should know that reclaiming what’s theirs is a fundamental right that they can fully exercise.
Understanding how to handle your intellectual property is crucial for the growth of your business. To profit from your work, businesses should know how to protect and market their intellectual property. The four facts we gave you will help you with handling your or your business’s intellectual property the right way.
