Intellectual property gives significant value to your Minnesota business so long as it stays safe. If lackluster protection results in IP making its way into the wrong hands, the outcome could jeopardize your company’s success.
Knowing how to safeguard IP can help you optimize its protection. With reassurance that your most sensitive information remains concealed, you can focus on other aspects of growing and refining your business.
List your IP
Make an exhaustive list of any IP your company owns. This may include patents, copyrights and trademarks. Trade secrets also fall into this category. When you list your IP, you can have a clear picture of what needs protection.
Filing for various protections for IP requires careful planning. An attorney can help you organize each legal aspect so you can successfully acquire the protection you need to maintain ownership of IP.
Update your IP
Depending on the type of IP you have, you may need to perform updates periodically. Doing so can prevent disappointment from lapsed renewals. Equally as important, according to the U.S. International Trade Administration, you must pay attention to the requirements for protecting IP in other countries. If you do business internationally, you will want to know and comply with the individual requirements of those countries in which you do business.
Intellectual property falls within the category of business assets. Properly protecting your IP can substantially improve the value of your company. You can leverage your IP to give your company a competitive advantage in the markets you do business in. If at any point an entity steals or compromises your IP, take immediate action to hopefully restore your rights before it is too late.