Producing or acquiring intellectual property can give a business a competitive advantage. Original creative works can be useful for branding or can be sources of revenue. Trademarks can help companies establish a loyal customer base by becoming easily recognizable.
Trade secrets help companies offer products and services that other businesses cannot or to sell them at more competitive prices. Ideas and products that are truly innovative may help a company stand out from competitors or create an entirely new market.
Organizations with valuable intellectual property may need help effectively protecting those resources. What strategies typically help organizations protect trade secrets, creative works, original concepts and other intellectual property?
Formal registration
The federal government recognizes several different types of intellectual property and extends protection for those valuable business resources. Organizations can file paperwork with the government to secure copyright protection or designate trademarks.
They can prosecute patents to protect the idea behind new concepts or products. Formal registration and appropriate documentation can go a long way toward helping organizations protect valuable intellectual property.
Contractual protections
Trade secrets, including proprietary recipes and vendor lists, are not eligible for registration with the federal government. However, they can be very valuable resources.
Businesses May integrate restrictive covenants into employment contracts and other written agreements to help protect trade secrets. Non-disclosure agreements can prevent other parties from releasing or monetizing non-public information about a business. Contracts can help limit the possibility of employees and others with access to information about the business from making private details public.
Assertive enforcement
Companies also need to be fastidious about monitoring for breaches of agreements and violations of registered intellectual property protections. They may need to take legal action to address inappropriate disclosures or use of protected intellectual property.
A successful lawsuit can result in a court order to prevent further disclosures and an award of damages for the harm caused by a contract breach. Litigation can also be a means of enforcing trademark, copyright and patent protections.
Discussing the unique intellectual property holdings of a business and its points of exposure can help owners and executives determine how to best protect the business’s valuable resources. The right strategy can help prevent disclosure and misuse of the company’s intellectual property.