4 Important Tips on Protecting Your Intellectual Property

1. 4 Important Tips on Protecting Your Intellectual Property

2. So you have a great, innovative idea, and you think this will catapult you into a successful new business venture but, before you go enthusiastically announcing your inspiration to your colleagues, friends, and family, or spilling your trade secrets elsewhere, you should consider the legal protection of your intellectual property. Here are a few tips on protecting your intellectual property:

3. Present a Complete Picture Before getting legal protection, take the time to fully develop your idea instead of launching it into the universe right away. When you come to the table with an idea that has been well researched, is trademarked, and has a patent, it increases the chances of attracting investors or getting any financial institutions to support you. Therefore, it is a good idea to present a complete picture.

4. Give Yourself a Competitive Advantage Even if you think there is no competition out there for your potential business, don’t use that as an argument for note spending the money for protecting your idea. The legal protection of your intellectual property will give you the best opportunity to participate in investor sponsored events and seminars where you can learn from others’ marketing strategies and business ideas. Participating in seminars, conferences, tradeshows, and other such networking events will greatly increase your visibility and credibility in the market. The more connected you are to the business community, the better off you would be when the time comes to launch your idea off the ground.

5. Rely on Legal Protection Be sure to keep your idea under lock and key. Even with all the physical protection in the world be it safes, security codes, and guards, not much can stop an employee from walking out the door with your idea except the law. The good news in this regard is that courts are now increasingly recognizing the value of intellectual property and have taken steps to ensure the protection of rights of ownership. The public awareness regarding the value of intellectual property has also increased and so has the confusion regarding what is legal and what is not. Therefore, it is important to hire an expert attorney who is well versed and up-to-date on the latest decisions in the laws regarding intellectual property.

6. Be Patient It takes time to license a patent or to obtain a copyright or trademark, therefore, it is important to be patient with all these processes. In the meantime, you can always continue to build and grow your idea under the radar without telling the whole world about it. It is also important to have some trusted advisors with whom you can share your ideas and ask for feedback, so that you are aware of the innovations in your field that are occurring outside of your current environment. Do not lose touch with any of your potential customers or audiences. And also make sure that your idea creates something that people need and want, or gives them value in one way or another.

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