2018-04-10
Intellectual property encompasses the creation of all ideas from the human thought process, which can be applied to an existing business plan or can be implemented into a new trade scheme. For any trade, these ideas and the resulting creations are invaluable for their promotion and progress. Intellectual property includes patents, trademarks, industrial designs, copyright and trade secrets. And, because these assets are unique to every business, it is crucial that you implement measures to safeguard and protect it. Here are a few reasons why you should safeguard your intellectual property.
Protect your Idea
You wouldn’t like it if someone were to use your idea or concept without your permission, especially when the motive is profiting. Piracy of media, theft of business ideas or replicating algorithms of unique processes, can all affect businesses that conceptualized these ideas in the first place. This applies to both large-scale and small-scale businesses. Protecting your intellectual property helps retain the company resources. These resources can be used to reinforce your marketing strategies. It also prevents competitors from unlawfully profiting. Coca-Cola is the perfect example of how protecting your idea can lead to setting an entirely different standard with the customers.
Sets your Business Apart
A novel business model or a recipe for a food or beverage can be protected. This can set your business apart from your competitors and other businesses. It can boost your recognition in the industry but also with customers as they look at you as a brand that offers something unique or special. Companies can hire patent agents or lawyers to assist in acquiring patents, trademarks or copyrights and advise on the protection of trade secrets. This restricts competitors from replicating that same product or process without your permission. This credibility has the potential of adding to your business growth.
Acts as a Revenue Source
An organization can license or sell their product to other individuals or entities for an expansion in the business. Franchising can be implemented in some cases. When franchising, the franchiser leases company intellectual property such as specific procedures, trade formulas, and business models to a franchisee. When you own Federal rights to your intellectual property, growth opportunities can become easier. The business may see a steady growth and have the ability to stop potential infringers of the protected intellectual property.
It can be seen how important the protection of intellectual property is. Patent lawyers and agents specialize in the field to help businesses protect and safeguard their intellectual property rights, including trademarks, patents, and copyrights. You can contact us if you seek to protect your intellectual property.
