Protecting your Intellectual Property
Intellectual property protects more than just an idea or a concept – it protects genuine business assets that may be integral to the core services of the business and overall long-term viability.
Many business owners start up their enterprise and do not properly assess their image or brand and its value. Intellectual property can consist of many different areas, from logos and corporate identity through to products, services and processes that differentiate your business offering. The initial filing of a trademark is an easy process. When it comes to patents, design patents and any other more detailed forms of intellectual property, you have to make sure you have all your paperwork and designs in place.
When you have a great idea for a product or service, there will always be people who will want to duplicate your success and sell your ideas as their own. When dealing with copyrights, there is no actual registration procedure to follow as protection is usually automatic. Although copyrights do not actually protect an idea itself, they protect the way it has been represented – for example if it has been written down, or recorded on video.
Your IP rights can:
- set your business apart from competitors
- be sold or licensed, providing an important revenue stream
- offer customers something new and different
- form an essential part of your marketing or branding
- be used as security for loans
Overall, Intellectual Property is an important asset to your business and it’s when these ideas, designs or logos are used without permission that an organisation can suffer. It may seem initially daunting or time consuming, but protecting yourself is well worth the time and effort and isn’t as difficult as you may think.
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