Taking care of your intellectual property is one of the most important aspects of starting and operating a business. This is particularly true in the tech industry where new innovations can end up providing an exponential return.
To fully protect your company, however, you need to understand how intellectual property is defined and at least a little bit of intellectual property law. Furthermore, you should know how intellectual property rights and protections can help prevent intellectual property theft — but that these types of thefts can (and do) still occur.
Let’s take a look at some things you should keep in mind about intellectual property protection.
What Is Intellectual Property?
As the name implies, your intellectual property refers to specific ideas, designs or strategies unique to your brand or your brain. This is an intangible creation — secrets of the trade and other ideas — developed by your company’s minds. It does not closely resemble information, ideas, or strategies that already exist.
In the tech industry, this term often refers to information that is used to create and design computer applications. Furthermore, unlike physical property, when someone steals your idea, it does not leave your possession. You may not even notice intellectual property theft has occurred until someone else is profiting from it.
Consider How Easy Your Idea Is to Copy
Most ideas can be reverse engineered to some degree. This refers to a process where you examine the composition of an idea and then attempt to re-create it yourself. Your goal should be to come up with an idea that is highly difficult to reverse engineer.
If competitors can analyze and deconstruct your intellectual property in minutes, your idea may not be as groundbreaking as you think. If you are sure your invention is something really, truly difficult to replicate easily, you need to start protecting it as quickly as possible.
Intellectual Property Protections
Without intellectual property protections in place, nothing would stop competitors from using other business’s ideas for their own benefit. In some cases, the company or individual who steals an idea could end up becoming more successful than the person who actually came up with it. This is why intellectual property rights and protections are so essential.
Check out some of the best ways to incorporate IP protections.
Nondisclosure Agreements (NDAs)
Nondisclosure agreements, or NDAs, are documents prohibiting anyone who signs the agreement from speaking about certain topics with unauthorized parties. In practice, this is often used for employees, consultants, and outsourced workers.
Breaching an NDA comes with legal consequences, many of which can be substantial. Although it may not seem like it offers much protection on its own, having interested parties sign a nondisclosure agreement can add an additional layer of security.
Alternately or additionally, you can implement policies to control which employees can access which data. Entry-level workers should not be able to access all secrets of production.
Patents
Unlike other countries in the world, entrepreneurs in the United States are able to patent their innovations through USPTO registration. Not all IP can be patented. Software, in particular, must meet certain standards to qualify.
The United States Patent and Trademark Office has an entire classification system for different types of patents. The USPTO grants patent registration to protect new and useful inventions. Obtaining a patent is possible through USPTO registration. You can register with the patent office online. You will, however, need to have certain information on hand in order to successfully complete the process. Keep in mind, the patent process is very complex and tedious. We strongly recommend working with a patent attorney.
If your application is approved, you will be granted a USPTO registration number or “patent number.” Each number corresponds to a patented invention, proving the legitimacy of your patent or trademark registration.
Brand Trademarks
A trademark can be a word, phrase, symbol, design, or combination thereof. When you have a new business or product, you want to create a distinct name and logo for it. Trademarks prevent the use of similar marks that would cause a likelihood of confusion in consumers. Registering a mark with USPTO gives the business certain benefits, such as appearing in the USPTO online database.
How much does it cost to apply for a trademark? The answer depends on the scenario, particularly if you intend to apply for a patent while you are at it.
Work With a Professional
Navigating the nuances of intellectual property protection is not easy.
Someone who has never been through the process will find it even more difficult. Working with an attorney can help get you on the right track.
The Arkansas Small Business and Technology Development Center offers no-cost tools, one-on-one confidential consulting, and training events for entrepreneurs in Arkansas wanting to learn about IP safeguards.
For More Information
Protecting your intellectual property is vital to protecting your business. Just a few steps can make a huge difference. Start by reviewing the videos and e-books in ASBTDC’s Intellectual Property Toolkit for Small Businesses.
Contact us today to take the next step toward a successful business!