Perhaps you are launching a new business, or perhaps you are about to release innovative new products to the general public.
Protecting your intellectual property (IP) rights, such as trademarks, copyrights, trade secrets or proprietary know-how, is essential. Here are four good reasons to do just that.
1. Protecting exclusive rights
When you protect your IP, others cannot benefit from using your brand name, invention or other similar assets. For example, a competitor cannot reap financial benefits from producing a counterfeit version of your best-selling widget.
2. Preventing infringement
When you register your original work, design or trademark, you warn others not to use it. If anyone tries, you can take them to court on a charge of intellectual property infringement.
3. Adding value
Securing IP rights can increase the market share of your business and ensure brand loyalty. Your IP rights might include your company name and logo, as well as your products or services.
4. Creating profits
Protecting your IP can result in a profit-making business asset. For example, if you own the rights to the pet food trademark that has become popular, you can license your trademark and earn royalties.
New companies sometimes put off protecting intellectual property in order to cut costs. This kind of thinking is counter-productive and does not provide long-term benefits. The U.S. Constitution recognizes the importance of intellectual property protection and the creation of government agencies for that purpose. IP law encourages businesses to develop new products and services. In short, you should make the decision to protect your IP sooner rather than later.