Intellectual property is a critical asset for businesses of all sizes. Protecting them is crucial to your company’s existence. Your efforts can include everything from trademarks and copyrights to trade secrets and patents or a combination. Unfortunately, we have seen firsthand how intellectual property mistakes can be costly. These mistakes can damage a business’s reputation and bottom line. To avoid this, we recommend taking these three steps:
- Understand the different types of intellectual property protections and how they can be used to protect your business. There are four main types of intellectual property protections: trademarks, copyrights, trade secrets, and patents. Each type has its own strengths and weaknesses, so it’s important to understand how each one can be used to protect your business.
- Develop policies and procedures for employees to follow when creating or using intellectual property. One of the best ways to protect your intellectual property is to have policies and procedures in place for employees to follow. These should cover everything from how to create new intellectual property to how to use existing intellectual property.
- Register your intellectual property with the appropriate government agency. Depending on the type of intellectual property you have, you may need to register it with the appropriate government agency. For example, trademarks need to be registered with the United States Patent and Trademark Office (USPTO), while patents need to be filed with the USPTO or World Intellectual Property Organization (WIPO). Failing to register your intellectual property can make it difficult to enforce your rights in court.
By taking these important steps, businesses will ensure that their intellectual property is properly protected and avoid costly mistakes. Pearson IP offers a customizable range of services to help protect your business. We work with businesses, entrepreneurs, and startups throughout the world to identify, register and police their patents, trademarks, and copyrights.