Intellectual Property 101: Top IP Tips For Small Business
Does the term ‘intellectual
property’ mean anything to you? If you are running a small business, it should.
And understanding intellectual property - known as IP - is the first step in
protecting your business ideas, branding, and name. Let’s take a look at some
of the things you need to consider if you want to protect your IP.
Understand it!
OK, so intellectual property is, in basic terms, a way of
describing your ‘creations’ as a business or individual. It covers a number of
areas, from trademarks and copyrights through to patents and designs, as well
as issues like confidentiality and trade secrets. Defining your IP is important,
because - rather sadly - issues like industrial espionage are all too common.
And intellectual property law is pretty much the only way of protecting
yourself against someone else stealing
and profiting from
your ideas. Now, let’s take a look at some of the things you should be doing to
protect your IP.
The basics
First of all, always check with
an IP legal professional to ensure you are protected. While you get some form
of protection by going through the company registration process - no other business can use
your registered name, for example - it can be a tricky area to navigate through.
Professional help will ensure you are ticking all the right boxes and give your
business ideas a solid platform to build from.
Start early
There are a lot of reasons to
ensure your IP is protected right from the very start of your business venture,
but let’s focus on the two most important. Firstly, it ensures that your idea
and business branding is original. Finding out your work is similar to an
already-established business can lead to serious consequences, so make sure you
check
patent, trademark and registered name searches properly. Secondly, it can take a long
time to get something like a patent granted - up to four years in some cases.
The earlier you apply, the more protected you will be - it’s that simple. You
can also consider applying for fast-track approval, which may help.
Be vigilant
It’s all well and good protecting
your IP through the legal process. But you need to be vigilant in ensuring no
one is using your work, ideas or even images for themselves. Running regular
searches on Google can help, as can using a professional IP company who will
make sure your ideas are well protected.
Don’t forget foreign markets
Be careful to cover yourself
around the globe as well as in your home country. Overseas protection needs to
be sought after if you plan on selling abroad or doing business in foreign
countries. Patent
and trademark lawyers should be able to help you find the separate international patents and
design rights for each individual country you intend to work in.
Be ready to fight!
As we discussed in the intro, IP
infringement is more common than you might think. Someone could be copying your blog posts and
presenting them as their own work. Your competitors could be spying on you,
ready to steal your new ideas and profit from them. And the reality is that
unless you are prepared to take legal action, the chances are they will get
away with it - and you will lose out.
Have you experienced IP problems?
Share your experiences in the comments section below!
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