Businesses are about much more than bricks and mortar. It’s likely that your company has developed a recognizable brand. You may utilize unique technology and processes to stay ahead of the competition. These concerns are part of your intellectual property, and they are assets worth protecting.
The following are some of the most common examples of intellectual property that you may need to start safeguarding on behalf of your business.
Unique creations
You and your business partners may have worked on a project for several years. You’ve developed a unique item that solves a problem for consumers. Without some form of protection, there is nothing to stop other businesses from copying your idea and taking profits away from you. This is where patents come in. You can patent virtually any creation that is original, inventive and useful to consumers. Once a patent has been granted, only you are entitled to profit from that creation for a set period of time.
Brand distinctions
You may employ logos, catchphrases and other visible distinctions that make your brand stand out from other businesses. For example, the Nike tick and “just do it” slogan are widely recognized as emblematic of that brand. You can legally protect these kinds of marketing resources that distinguish your brand so that nobody else can use them. When you trademark a distinct aspect of your brand, other companies should know that they cannot use them. Even if another company does decide to use them, with trademark protection, you can legally demand that they stop and you may also potentially be in a position to claim compensation for damages.
The importance of protecting your intellectual property cannot be overstated. Seek legal guidance to find out more about intellectual property law and your rights as a business owner.