Imagine you have discovered something great that will benefit your business and take it on another level of success. But, what if a competitor comes to know about your secret and then starts replicating it. That certainly sounds like a nightmare.
However, we don’t want that to happen to you. Hence, it becomes essential to protect it legally and make it exclusively yours.
So, how do you safeguard your intellectual property in the business? Well, in this blog, we have jotted down how you can take the necessary steps in protecting the IP in your business.
To know more on it, keep reading the blog.
- The first thing you need to identify in what category your intellectual property asset belongs. It comprises of designs, drawings, company names, slogans, logos, taglines, production ideas, methods, inventions, and more.
- Once, you have identified them, and then ensure to document all your ideas. Ensure to file all of them in the dated documents. So, when someone claims your idea, then you can prove it that you came first with the ideas.
- When it is significant, the risk involved for the IP, then the businesses and the organization develops strategies in reducing the risk or perhaps transferring it. In certain scenarios, the businesses hire an intellectual property lawyer who gives the correct advice and carries out the strategies for IP protection.
- With a correct IP strategy, you can protect the valuable assets but also safeguard your business products.
- In the intellectual property, there are four subcategories, which are called copyrights, trademarks, patents, and trade secrets.
- Copyright refers to the protection for the original works like authorship, literature, music, drama, photography, audio, video, software, and more.
- A trademark is a sign used to distinguish the ideas of one’s business with those of others. The trademark can be of the letter, number, word, business name, phrase, or anything that represents the company or it is the product.
- A patent is an exclusive government or legal license for a specific period on the product or service. It prohibits others from producing, using, or selling the invention.
- Trade secrets are a formula, method, practice, product, design, or pattern that is not known by anyone except the higher authorities. With these trade secrets, the business can obtain a financial advantage over competitors or customers.
Now, under these categories, you need to register your Intellectual Property. We would highly recommend you to consult an intellectual property attorney that will give you the right advice.
- Another safeguarding method for intellectual property is to label then with “CONFIDENTIAL.” So you can clearly claim that the information was protected.
- Be certain to implement security measures when it comes to intellectual property. You can run the background checks on the candidates, clients, and partners.
Prevent unauthorized copies by prohibiting it. It can be on USB devices, shared network devices and more.
Encrypt all the IP that is being transmitted digitally or electronically.
- Last but not least, always sign an NDA – Non-Disclosure Agreement as a confidentiality agreement. Also, educate the employees about the IP. Make sure that your employees are aware of how much important it is to protect the IP. You can also conduct special programs that will train them in protecting intellectual property.