Why Your Business Should Protect The 4 Types Of Intellectual Property
Is your company protecting its intellectual property sufficiently? Many small businesses work hard to create a presence and grow their profits, but this could all be at risk if they haven't protected their intellectual property (IP). What types of IP might your small enterprise need to protect and why? Here's a brief guide to this important subject.
1. Trademarks
Any company's trademark is potentially one of its biggest assets. It consists of the distinctive features of your brand and logo, so it's a highly visible part of any company's presence in the marketplace. Without proper legal protection, though, your trademark could become devalued by others copying it so closely that customers can't tell the difference. The actions of these usurpers could also reflect badly on your business.
2. Patents
Do you create any unique products for sale? Did you design a specialized piece of equipment to run part of your operation? Have you improved on an existing product in some meaningful way? If the answer to any of these is "yes", you may need to get a patent for it. Patents are associated in people's minds with inventions, but you don't need to be Thomas Edison to have a unique creation whose value you want to protect.
3. Copyrights
A copyright offers protection for completed artistic creations. Copyrights are most often used with large-scale art like music, plays, and books. But an owner may also want to copyright smaller works it creates for business purposes—things like artwork, photographs, original music, sound recordings, videos, and engineering drawings. These are often used in public advertising, so they're at risk for accidental or intentional theft.
4. Trade Secrets
Trade secrets are often the least understood type of IP. A trade secret is a piece of information your company creates to give it a competitive advantage and which is not intended to be made public. It commonly includes client lists, original recipes, manufacturing techniques, computer programs, and even your business plans. Trade secrets need protection because they can be used by competitors or even damage your reputation.
Where to Learn More
If you think you may have intellectual property of any of these types which could use better legal protection, start by learning more about your options. Contact a business law firm in your state who specializes in IP strategy. The time and effort you take now will undoubtedly help your business grow and thrive for many years to come.
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