In an effort to establish a reliable source of income amidst the COVID-19 pandemic, many people have decided to try their luck in business ventures. In a world that has just been uprooted, the need for innovation and creativity has never been this important. Startups are popping up everywhere, replete with new ideas, methods, and alternatives. Businesses may have been put on hold, but the needs of consumers have intensified.
It is inevitable that a major part of your IT business is going to be founded on intellectual property. Anything you create, whether it’s a new piece of hardware, a new program, or even the music you use to represent your company are all examples of intellectual property.
Why Do I Need to Protect My Intellectual Property?
Your intellectual property is not just a means to differentiate your businesses from your competitors, they are genuine business assets that may be integral to the success of your business It’s wonderful to be able to create something worthy of praise, but to have someone else take the credit for your work can leave you relegated to the sidelines, while someone benefits from your hard work. This is especially true in the digital age, when technology evolves at such a rapid pace.
When a great product is created, it’s not uncommon for someone else to want to duplicate the success for personal gain. Not only does this harm your sales, but it could also harm your brand reputation when counterfeit products are sold under the guise of being yours.
How Do I Protect My Intellectual Property?
As a general rule, you’re always going to want to hire an Intellectual Property Lawyer to help you determine the best ways to protect your intellectual property. Not only are these lawyers trained and seasoned in the field of Intellectual Property Law, but they also have inside knowledge and connections that are sure to benefit their clients.
Now, there are 3 ways that you can protect your intellectual property, and each of these measures has a specific function for specific types of intellectual property:
Patents - Patents come either as utility patents or as design patents. Utility patents are issued to protect new, useful inventions while design patents protect the unique appearance of a product. Patents are notoriously difficult to secure. This is evident in the fact that only about 20% of patent applications are approved.
Copyrights - Copyrights protect original creative works such as music, works of art, and literature. A good example of this is the fact that it’s illegal to take photos of the Eiffel Tower at night, as the lights adorning the tower are protected by a copyright.
Trademarks - A trademark is the most common form of protection. They are registered for logos and branding, and these represent your business’ identity and they make it easy to distinguish your brand as well as the products you produce from that of your competitors.
Again, it’s important to protect your intellectual property, not just so you get the recognition you deserve, but so that your sales and your brand do not get harmed by someone else’s misuse.
