In recent times, there is no surefire way to protectyour intellectual properties. It wasn’t long ago that a defensible IP was one of the top things that venture capitalists had wanted from a startup.
But all that changed with Twitter and Facebook who were weak on thepatentable intellectual property. It is what caused many businessmen to reconsider their strategy. This is what makes us whittle up the following tips that guide you to protect your intellectual property from being stolen by crooked elements:
1.) Register Your Idea:
The first thing you have to do is to contact a patent or intellectual property attorney and get your ideas or products registered. It is of the utmost importance that the precise details of your product or service are written down and registered to help differentiate it from other similar concepts. It is also just as important to consider where your product may end up in the future as well as any overseas rules and regulations that you have to consider.
2.) Educate Yourself About IP:
Make the time to do some ground digging about intellectual property. As we said earlier, there is no guarantee that a patent will decide if your startup will fly or not. Therefore, you have to take out the time to educate yourself as well as your teamabout the fundamentals of copyrights, trademarks, patents and trade secrets.It will save you from a bunch of headaches later.
3.) Understand The Different Types Of IP:
You should understand the different types of IP and their advantages. For example, patents protect your inventions while design registration protects their appearance. A registered trademark protects your brand name, original sounds, logo, and scentsalong with other aspects of packaging.
4.) Keep Your IP Confidential:
No one should know about your ideas and concepts until it is protected. Even if you are going to tell someone like your family and friends about it, you need tobe sure to use a confidentiality agreement to prevent them from ever disclosing your ideas without your permission. You can alsohire an IP professional toprepare a confidentiality agreement for you. If you are interested in a patent or a design, you need to exercise secrecy until you have filed your application. However, you may find that keeping your invention all hush-hush is way better than applying for a patent.
5.) Record Your Ideas In Detail:
In case if someone tries to imitate your IP before you get your patent, you must have something in your back pocket that can prove the stolen ideas are your own. For example, you can use a portfolio where you can have all of your drawings, samples, and presentations of your best work. Also, ensure that the information is dated to let them know exactly when and how long you have been working on this. If it is done for a company, you should get the details laid outon the company’s letterhead to make it officially authentic.
6.) Apply For A Trademark:
As soon as you have a business name and a logo for your concept, you need to register an original trademark. A truly memorable trademark will help you stand out from the rest of your rivals and you will be able to promote your work openly. However, you must also use the correct copyright symbols in all of your documentation and development of your product. It will further add to the ownership of your idea.
7.) Beware Of Infringement:
It is vital to keep an eye on anyone who may infringe your IP. They can deplete your market share and cheap imitations can ruin the quality and reputation of your brand.
8.) Keep Track Of Your Entire Costs:
Keep track of your development and protection costs to help put a value on your IP. It will also give you an idea about how profitable your venture needs to be to recover costs.