When it comes to intellectual property and how it relates to your business, you may feel it’s something you don’t need to really worry about unless you’re one of the ‘big guys’. Or, you may feel you’ve already covered your bases, perhaps having registered a trade mark or two for your own use. It’s all too easy to concentrate on your day-to-day business concerns and not give a thought to what intellectual property you might have and whether or not it’s being protected adequately.
To start thinking about how intellectual property might matter for you, ask yourself these questions. Do you regularly check that no one is infringing on your rights, perhaps using your trade mark for their own marketing? Are there maybe a few trade secrets that while you don’t wish to use a patent to protect them, you might benefit from signing a formal contract with the parties who are privy to those confidential secrets? Do you always check that you aren’t infringing on the rights of others when you are designing and marketing your products?
If your business has developed critical designs, strategies, or any new ideas for products or original ways to use existing items in a way that is unique and critical to your company’s business model, you will want to take steps to protect your valuable intellectual property from infringement by others. A good idea quickly becomes imitated- it’s no fun to develop something innovate and successful then realise that your competitor has also just come out with a product that’s very similar to your own and is sharing out of your success pie. Correctly protecting your intellectual property may be a key factor in whether your business succeeds or fails! Remember, your rights are only yours as far as you are willing to enforce the available protections on them.
A solicitor trained in intellectual property concerns can assist you in deciding which protections are the most critical for you to maintain your competitive edge. He or she can walk you through the process of properly registering any trade marks that may be to your advantage, as well as setting up a procedure to check regularly for infringements against your registered trade marks and other rights by other parties. When it comes to inventions, there are both advantages and disadvantages to going the route of a patent; your solicitor will be able to assist in determining when to go this route or when to use alternatives such as a trade secrets agreement.
While it’s not a physical asset and thus is easy to dismiss or take for granted, intellectual property may be as valuable or even more valuable than any physical assets your company has. Your ideas are your lifeblood and any edge you lose due to lack of protections, may be an advantage you never get back. If you’ve gone through the process of setting up business, you must believe that you have something to offer that sets you apart and reasons why you shine in your field. Thus, it only makes sense to identify and protect your creativity and those techniques that you’ve used to make yourself stand out and be successful through any and all legal avenues available to you. The earlier you can establish and enforce adequate protections for your intellectual property, the better position you’ll be in legally and competitively as your business grows and prospers.