Guide for business owners: protecting intellectual property against theft

Intellectual property (IP) represents your most valuable asset and it can refer to anything from a secret chemical formula to a new product launch planning. Its protection must become a priority if you want to stay ahead of the competition, which sometimes can play dirty and try to steal your ideas or creations. The only way to avoid becoming the target of theft, you should master intellectual property law or at least, consult with a professional lawyer specialized in this legal area. You might receive pieces of advice such as registering your IP, keeping all your plans secret and having the means to demonstrate that you own the stolen idea by showing the necessary documentation, including IP clauses regarding confidentiality in contracts and obviously, never using someone else’s intellectual property. Even though you are fully aware of these rules and observe them religiously, make sure that your employees confirm their loyalty. Protecting your intellectual property will help you stay original so do not overlook it.   

Digital era exposes businesses to IP theft 

Running a business becomes extremely challenging in today’s corporate environment or digital era because you have to spend most of the time online building relationships with partners and customers, marketing your products or services and keeping the audience up to date with any changes or improvements that you make for offering superior quality goods. Although creating a strong online presence can help you tremendously extend your customer base and increase profits, it also comes with risks and dangers because you can become the target of hacking attacks when you least expect it. Preserving those elements that differentiate you from competitors is very difficult, but not impossible.  It does not matter if we are talking about a name or an innovative manufacturing process, you have to keep it confidential to ensure the growth of your business. Ironically, as your company grows, protecting those elements becomes even more important.  

Different categories of intellectual property 

You have to start by understanding your options; more specifically, the various types of intellectual property.  These refer to copyright, trademarks, patents and trade secrets. A trademark means a name, symbol or a sound associated with your products or services. After registering your trademark, the protection can last up to 10 years and you have the possibility to renew it, but you can find out more about the topic when receiving Intellectual Property Advice Essex from your lawyer. Moving on to copyright, you should know that it provides protection for songs, novels and movies; remember that it does not protect the idea itself, just its expression. Practically, the law gives you permission to reproduce, perform, display and sell your work. The copyright lasts longer than the trademark: you can enjoy these perquisites throughout your entire life and it still remains available 50 years after your death.  Patents impede other companies from marketing or manufacturing your tangible elements. They also apply internationally if you register them overseas and last for approximately 20 years. Finally, yet importantly, trade secrets can involve a compilation of data, a formula or a device that helps you keep a solid advantage over competition. The state covers your trade secret, but you have to bring evidence of its value for your business and the precautionary measures taken to safeguard it. Remember, if one of your employees comes with a brilliant idea one morning and choses to apply it when working in the office, that also represents intellectual property.  

Measures for ensuring IP protection 

After explaining the importance and different categories of IP, now we are going to disclose some useful methods that you can resort to in order to ensure maximum protection. Shortly, you are going to learn how to secure your precious intellectual property. You have to understand that, once you lose your IP, catching and prosecuting the wrong-doer is extremely difficult, almost impossible. Therefore, you have the right to be excessively concerned about the level of safety and the threats lurking on the internet, especially taking into account real-life scenarios depicting the exact same situation that you want to avoid at all costs.  First, make sure that everyone in the company, from marketing and sales department to representatives from HR and CEO, knows how and from whom you must protect IP. You should also discuss with them the need of searching for IP lawyers if the worst-case scenario occurs. Hold periodical meetings in order to maintain order within the company. Secondly, make a list of your business most valuable assets and prioritize them. Try answering the following question: what type of IP loss would hurt your business irreversibly? Furthermore, reinforce the security of that IP to minimize theft risks. You can even label the sensitive information so that, if anyone compromises or steal it, you have the proof that he knew about its importance and did it intentionally. The last step is to lock it up.