How To Protect Your Intellectual Property (And Why You Should)

To Get The Full Economic Benefit, Intellectual Properties Must Be Protected.

When you create something of value like a design or an invention and so on, it comes under intellectual property. If these ideas or inventions of yours have an economic value then you must protect them and prevent anyone from taking them and profiting from them. When you protect your intellectual property, other people can use your idea only after obtaining permission from you and you can make financial gains from it. 

According to the nature of intellectual property, you can protect the rights for the same. However, it is not always easy to ascertain which type of protection is best. Below are ways how you can protect your intellectual property. 

Copyrights

Works that are related to writing and arts can make use of copyright protection. By hiring lawyers for the same, you can copyright any literary works of yours like fiction, non-fiction, drawings, musical lyrics, videos, email, dance forms, and so on. By having copyright protection, other people cannot copy, or duplicate your work. For them to be able to do so they will need your permission. If they still however proceed to use your work without your permission then you can file a lawsuit against them. The duration of copyright can last up to 70 years or more. 

If you are into creative arts then you should copyright your creation as soon as you make it. You can place a copyright notice on all the copies of your work. You can also register your copyright. If it is not registered, you will have a difficult time proving your copyright in court if it gets stolen. 

Trademarks

A combination of elements that identify a source of goods like words, phrases, logo, and so on that mark the unique identity of a company, can use trademark protection. If the company sells services instead of goods then the identity elements can be protected by service marks. Both trademarks and service marks are together referred to as trade names. Trademarks do not need to be registered. However, when it comes to proving yourself in court, you will have to prove who used the trademark first. 

This type of protection can prevent other companies from using your mark and producing similar goods with lower quality. Your trademark will set the standard for the type and class of business you have. 

Patents

Patent protections are commonly used for inventions. For example, if you have created a new kind of machine, then you will use patent protection for it. However, it is not limited to just that and this type of protection can be used for new materials, processes, or combinations created. Utility patents are used for computer program code and algorithms. Design patents are used for artistic shapes. Plant patents are used for new plant creations made by breeders. 

Bear in mind that not all such inventions can be patented and there are several restrictions in place when you want to get one. Hiring an attorney to help you with this type of protection will ensure that your creation is safe. 

Why Do You Need Protection For Your Intellectual Property?

The basic idea behind getting your intellectual property protected is to safeguard your assets. For a business to have long-term viability all the core services must be genuinely secured. Right from the logo, corporate identity, processed, and service, there are many different areas in a business that differentiate them from its competition. When these elements are used without permission or abused to make fake products, the organization’s reputation will suffer. 

If you have an amazing idea about a product or service then very soon there will definitely be other people around you who will want to duplicate it and sell the same idea as their own. You can cover different areas of your intellectual property through patents. Trademarks and copyrights. This will ensure that the competition does not use your idea for their own profit without taking the rightful permission. Both solo entrepreneurs and multi-million dollar companies have had their ideas stolen and have ongoing disputes for years. To avoid this, proper protection aspects must be considered. 

Your unique products or services are even more important for your success if you are a small business owner. Your competitors can use your ideas for their own success and take away your market share. This will result in dampening the growth of your business as well as a tremendous loss of revenue. As a small business, fighting against giant competitors to get your rights back can be time-consuming, frustrating, and can drain you of a lot of money. 

While getting intellectual property rights may seem daunting in the beginning, it is actually easier than you think. Get started right away and save yourself from a lot of troubles in the future. After all, you alone should enjoy the fruits of your creations.