In many ways, intellectual property is possibly the most valuable thing that any company could ever own. It’s the keys to the machine that keep the lights on and the money coming in. Without it; your company is but another entity that has nothing real to offer its customers and will be unable to sustain itself over the long term. In fact, even allowing the slightest violation of your IP can result in brand damage and lengthy legal battles that most companies would really rather avoid if at all possible. Fortunately, there are techniques that help to secure your IP and keep it safely in your hands.
Seek Legal Advice When Necessary
Intellectual property law is precisely as complex as you might imagine, making the need to enlist legal counsel ever more vital. According to these Brisbane commercial lawyers, each business has unique circumstances that they are dealing with, so finding an attorney or law firm that is able to tailor their services to your needs is essential. When it comes to IP law, it is critical to choose those who have extensive expertise in this regard and the chops to back up any claims they make. It might be that you’re attempting to register your IP to make sure that it can’t be used by other companies without your consent, or it could be that you’re tired of challenging an illegal use of your IP, whatever it may be, a lawyer with experience in this sector of the law will be an unimaginable help. If your IP extends across borders, you may need to hire several law firms in the various countries you do business with to ensure that your IP remains respected regardless of location.
Understand The Different IP Types
To really safeguard your IP, you need to have at least a passing understanding of the various types, as each will require different processes to protect. While they will all live under the umbrella of intellectual property, it’s always best to know what you need so you know where you stand. The most common options include:
- Patents: A patent is a specific type of IP designed to protect inventions. It grants the inventor exclusive rights to make, use, or sell the invention for a limited period.
- Trademarks: These mainly revolve around protecting your brand and keeping your reputation intact. It might be your company name, slogans, or symbols that distinguish the source of goods or services.
- Copyrights: Many people conflate trademarks and copyrights as the same things, but the reality is they’re different and involve different processes. They protect artistic work and help to prevent others from claiming authorship and making money off your work.
- Trade secrets: Trade secrets are a little more tricky to define and usually require an NDA to ensure their safety. They’re created to protect confidential information that provides a business with a competitive edge.
Conduct Thorough Patent Searches
If you need to patent a new invention, you will need to jump through a few hoops before you’re allowed to claim and start protecting it. In almost all cases, it’s advisable to perform this with the help of a patent lawyer, who will advise you on which steps you need to take and help you file your petite correctly. However, the first step needs to involve trawling through the patent office of the country in which you want to patent something and checking if anything already exists and, if so, how you might go about altering yours to comply with the law. Just be aware that you’ll need to file a patent in every country you want to sell your product to if you’re going to keep it safe from unauthorized reproduction.
Register Trademarks For Brand Protection
Just as you need to file for a patent to get it approved, so too do you need to with a trademark. However, the process is slightly different, and you are more liable to have an application turned down if it falls foul of a few stipulations:
- Likelihood of confusion
- Descriptive
- Geographically descriptive
- Primarily merely a surname
- Ornamentation
- Immoral matter
- Failure to function as a trademark
You should speak with an attorney if you’re unsure whether your potential trademark falls into any of these categories. If it does, you’ll have a tough time registering it and may have to go back to the drawing board to reassess and recreate the trademark.
Use Non-Disclosure Agreements With Partners
In recent years, non-disclosure has been criticized for being used too much by companies that might not require it and cause some distress to their employees. However, when used correctly, it is a powerful tool to stop those working with or for you from simply stealing your IP or informing a company they’ve started working with to keep your competitive advantage. Once signed, it allows the holder of the IP to take the signatory to court for damages if they breach the contract.
Monitor For Potential Infringement
It’s up to you to ensure that you’re fully aware of anything related to your IP, as no one else will do this on your behalf. You can sometimes hire outside companies to perform the job for you and update you if they believe your IP is being used without your permission, but in most cases, you will need to stay aware of things. If your business is large enough, you can inform your legal department to check for any infringements and take action according to the severity (which most often involves sending a cease and desist letter before initiating legal action).
Educate Employees On IP Importance
Your employees are one of your most valuable assets, and you really don’t want to become involved in a protracted legal case if they have inadvertently (or advertently) given away your IP to another business. This is not just a headache you’d rather avoid, but doing so can dampen morale and make everyone else uneasy at the possibility that you might come after them. Instead, it’s best to educate all in your company about why the IP is so critical to the longevity of the company and how to keep it safe.
Your IP is what usually separates companies from one another. While not all will have the need to get involved with this highly intricate process, for those who rely on it as a core function of their business, it is critical to ensure it remains only in use by you.
