Protecting Your Intellectual Property
Short Answer:
Your intellectual property is likely one of your most valuable assets, if not the most valuable asset. If you don’t take steps to protect it, you could weaken or even waive your right to do so at a later time. The following are some important tools and key tips to consider when protecting your intellectual property.
Trademark
A trademark is a symbol, word, or words legally registered or established by use as representing a company or product. Your trademark is protected via your use of it in the marketplace; however it is protected to a much greater degree if you register your trademark. Doing so will also entitle you to increased damages in the instance of a violation.
Patent
A patent is a government authority or license conferring a right or title for a set period, especially the sole right to exclude others from making, using, or selling an invention. Not every invention can be patented.
Copyright
A copyright is the exclusive legal right, given to an originator or an assignee to print, publish, perform, film, or record literary, artistic, or musical material, and to authorize others to do the same. You have an automatic copyright in certain works that you create. However, registering your copyright can grant you additional protection and remedies.
Trade Secrets
A trade secret is a formula, practice, process, design, instrument, pattern, commercial method, or compilation of information not generally known or reasonably ascertainable by others by which a business can obtain an economic advantage over competitors or customers.
KEY 8 STEPS THAT EVERY BUSINESS SHOULD TAKE
It’s not enough to simply register your intellectual property (IP), though you should absolutely register it, particularly your trademark. In order to ensure that you don’t waive your rights, every company should take the following steps:
Use NDAs (non-disclosure agreements) with anyone you disclose confidential or proprietary information to.
Have every employee and independent contractor execute Confidentiality and Invention Assignment Agreements.
Label proprietary business information “Confidential.”
Collect any intellectual property held by departing workers.
Consider having an IP inventory taken to ensure you’re adequately protecting your IP assets.
Utilize security methods with regard to any persons privy to the company’s proprietary information.
Pursue infringement on any violation of your rights. Send cease and desist letters and initiate legal action if necessary. Your failure to do so could constitute a waiver of your rights.
Utilize IP licenses whenever giving someone a right to use your IP; enforce your rights under the same vigorously.
