Intellectual property often sets a company apart from its competition. Unique products and original creative works can provide revenue streams for businesses. They can also contribute to the company’s branding, which can help it stand out from others in the same industry.
Intellectual property can be among the most valuable resources owned by modern organizations. Maintaining control over the use and monetization of intellectual property can be critical to the organization’s competitive advantage.
How can entrepreneurs and business leaders protect intellectual property from infringement by other parties?
With formal registration
There are federal entities that facilitate the registration and protection of intellectual property. The United States Patent and Trademark Office (USPTO), as well as the United States Copyright Office, can help organizations protect critical intellectual property.
Depending on the type of intellectual property, formal registration or even patent prosecution may be necessary if the organization intends to enforce its intellectual property rights.
With appropriate contracts
Frequently, employment contracts, as well as agreements with vendors and service providers, include terms intended to protect intellectual property. Restrictive covenants, including nondisclosure agreements and noncompete agreements, can help limit the likelihood of an employee, vendor or business partner misusing intellectual property.
In many cases, organizations also take steps to limit access to trade secrets and may work to secure their internal networks to limit the risk of corporate espionage and other forms of misconduct. Leaders also need to be ready to take legal action after learning about intellectual property infringement.
Appropriate enforcement activities can be as critical as initial efforts to protect a company’s intellectual property. Discussing intellectual property concerns and current business practices with a skilled legal team can help leaders protect unique products, original works and trademarks from infringement.