Skip to main content

3 Essential Things to Know About Protecting Your Company’s Intellectual Property

Company’s Intellectual Property
As a business owner, it is essential that you are protective of all aspects of your company from your employees to your assets and on to your intellectual property (IP). The latter brings about the most challenges; however, as it doesn't comprise a material thing which presses the issue — how can you successfully preserve an idea, concept or representation?

Luckily, there is a whole system of intellectual property laws that work to keep your unique business concepts and industry knowledge private to ensure that you can sustain a competitive advantage. To learn more, read on for three essential things to know about protecting your company’s intellectual property.

1. Understand why it is necessary to protect your company's intellectual property. 

Too many business owners are unaware of how crucial it is for them to be taking steps to protect their company's intellectual property as thoroughly as possible.

Not only do your IP rights establish your business as different from your competitors, but they also enable you to offer your customers something new and different and constitute an indispensable component of your marketing or branding.

Additionally (should you choose to go down this route), your IP rights can be sold or licensed rendering a significant revenue stream and also utilized as security for loans.

When you adequately protect your IP rights, you are securing them against breach by others and conclusively defend in the courts your single right to adopt, make, market or import it.

Other companies or individuals won't be able to use, produce, sell or import anything under those IP rights without your permission, and you will earn royalties if and when you choose to license them.

2. Know the types of intellectual property protection. 

Generally, there are considered to be three main types of intellectual property protection:

Trademarks – Applied to safeguard logos, company names, phrases, and symbols;
Copyrights – Adopted to preserve original works;
Patents – Utilized to guard manufacturing or design processes.

When it comes to trademarks, by registering yours, you maintain exclusive rights to the usage of it, and no one else can violate that right. The basic rule is that one trademark cannot smear another or cause any confusion.

Copyrights are similar to trademarks in that they offer long-term protection; however, copyrights preserve the rights creators have to their original works (such as literature, music, drama, art, movies, and architecture). In other words, they protect the ways concepts are expressed.

Last but not least, patents serve to guard the fundamental ideas and creations of the entrepreneur. Patents focus on protecting the mechanisms, systems, and elements surrounding the concepts and are usually considered to be the toughest of the laws shielding intellectual property.

3.  Obtain professional help. 

As with many legal aspects, it is highly recommended that you start working with a professional lawyer as soon as possible to ensure that you are covered from the get-go.

Furthermore, consulting with a legal professional will help you to map out where you intend to sell your goods and services in an effort to think long-term and be proactive about preparing filings for those districts as soon as possible.

A good IP lawyer will help you ascertain what IP you need to protect, as well as assist you in writing up clear non-disclosure agreements (NDAs), thoroughly documenting your business ideas, and effectively utilizing IP designations (such as “patent pending,” “TM,” and “©”).

Together, you can generate a plan that covers all bases and also demonstrates to your competitors and others in the industry that your brilliant ideas are yours —and yours alone.

Do you think you are doing enough to protect your company's intellectual property?

If so, do you have any tips or strategies to share with other entrepreneurs? If not, what do you think are the biggest challenges you are facing concerning this topic?

Let us know your thoughts in the comments below!


Author Bio: Sharon Danso-Missah is the Head of Marketing at Al Tamimi & Company, the largest law firm in the Middle East, with 17 offices across nine countries. Established in 1989, they are a full service commercial firm combining knowledge, experience and expertise to ensure all clients have access to the best legal solutions that are commercially sound and cost effective.

Comments

Popular posts from this blog

Low interest credit cards - how to make them work for you

Credit cards are borrowing instruments, unlike debit cards where you already have the money. Banks are there to make money too. Just like high street stores, they hope to maximise their profits within the rules. So it’s important to understand the basics and find a credit card that’s right for you – you can compare low APR credit cards here . Now you know the rules, let’s find out how to play the game. The financial services industry charges interest on the money that it lends out. Let us assume you borrow £100 on your credit card and keep it for exactly one year before you pay it back. For the purposes of this article, we will assume your loan attracts 8% interest per year, which is the Annual Percentage Rate, or APR for that particular transaction. Practical example

Why it’s important to save for retirement

While retirement may seem far off in the distance for some, financial experts say you’re never too young to begin saving.  In fact, the earlier you calculate your retirement needs and start building your nest egg, the easier it will be to create a viable plan for the future. Many experts advise you begin saving a percentage of your income for retirement as soon as possible, no matter how little the contribution may be, as it’s possible the Social Security benefits millions of people currently depend on may be in jeopardy.

How does a Prepaid Credit Card work?

Can They Really Be a Solution to Avoiding Credit Card Debt? When it comes to plastic, there are a lot of choices out there. Not only do you have the choice of credit card , debit card, or prepaid credit card, but you also get to decide which financial company you want to use as your card provider. Credit cards and debit cards are both risky. Credit cards can help put you deeper into debt, while debit cards give thieves and collectors access to your entire bank account. A growing number of people are finding that prepaid credit cards are becoming the best option. What Are Prepaid Credit Cards? Prepaid credit cards look and act just like a credit or debit card, except you put the money on the card before you make any purchases. You are only allowed to spend as much money as you have pre-loaded on the card, which means that you are not at risk of going into credit card debt from overspending. These cards also keep your money safe, because thieves will be limited to the amount that is on t

What are the Consequences of Overspending in Life?

How overspending can ruin your financial life? With today’s expenses and their prices, it can be very hard not to overspend. Still, that isn’t an excuse to stray out of your budget. You know why? It is because overspending can only lead to more problems than you think. Overspending can affect your whole life. With all the possible consequences, it may jump from one problem to another. Unpaid bills All the excessive shopping with your credit card can cause steep bills at the end of the month. If you keep on using your credit but don’t have enough money to pay for it in the end, then you’re surely in for a huge financial disaster. This will turn out to be missed payments, and missed payments will ruin your credit report. Missing out on payments will get your credit report marked for 7 years or more. And you can’t get rid of them by finishing them off. Credit report Overspending can cause a chain reaction of events. Once you get your bills due to overspending, it’s possible for you to mi

How to Make Your Title Loans Safe and Sound

Although title loans are tagged as risky, innumerable folks still use them for fulfilling their different financial obligations. Therefore, such loans are not completely bad because their significant use despite the risk factor says a lot of their pros. This makes it vital to discuss how these loans should be used so that the risk factor can be minimized up to a great extent. For those who are not aware of, the risk of title loans crop up in the form of consequences when you fail to pay back the loan. With such a failure, you are surely going to lose your car as well as decrease your credit score further.

Online Small Lenders and Grants For Women

In today’s world women are being more and more prominent. They are hard working mothers. Some are even working to support their entire family because they are single moms.  However the financial aspects of being a working women can be traumatic. Depending on the society you live you women may find it that they are not allowed to work or go to school.  Often times they are kept inside their homes to keep the household running smoothly. However most women find that they can be successful outside of the home and inside the home often doing both at the same time. They are working mothers who are often going to school to better themselves while working in the corporate field. For more information click here .

Money Moves: Imagine Playing Your Financial Life like a Chess Game

To say chess is a popular game would be a gross understatement. Chess, for at least 1500 years, has been considered to be not just a game, but a true test of intellect and character. One can learn a great many things about chess that can be applied to one’s life, not the least of which is one’s personal finance. Chess is a game that requires patience, foresight, and an ability to understand your opponent. Much like your personal finance, these qualities are required for you to come out on top in the end. Here are a few things you can take away from playing chess and use to improve your financial life: