What you should know about intellectual property as a small-business owner

Protecting the intellectual property in your business is perhaps one of the most important tasks you can take on as a business owner. What is intellectual property? In business, intellectual property is most commonly the trade secrets, technology, patents, copyrights, and trademarks that the company has created or owns.

While not tangible, they are vital to the business' operations and in most cases, the heart of the company. Because the intellectual property of your small business is so valuable, it's important to know how to both protect it and what to do if it's been compromised.

The first step to keep in mind when it comes to intellectual property is registering or applying for trademarks and patents. Without these, you can't fully protect any innovations or technologies that your business has come up with. Having them doesn't mean that your work may not still be infringed upon. However, it does ensure you are in the right if any sort of legal battle ensues. As this Entrepreneur article states, a patent makes your intellectual property a concrete asset of value.

You'll also want to safeguard any trade secrets. Who in the business knows exactly how you do what you do? If possible, take measures to make sure this knowledge stays internal.
The International Trade Administration also recommends not only filing for a patent in your own country, but any countries where it's common for counterfeits to be created as an extra protection measure.

Has someone infringed on your intellectual property?

You can also visit Stopfakes.gov for official U.S. government resources like business guides and training on intellectual property rights.

If you believe you are a victim of intellectual property rights infringement, your first step should be to document absolutely everything. That includes conversations, emails, and anything else that could help your case. You'll also want to keep any evidence. Although this can be tricky, considering the nature of intellectual property, if there is online content or a product available, you will want that on hand in case of legal proceedings. Finally, you will want to contact law enforcement, according to justice.gov. The guide on Justice.gov states, "Early referral to law enforcement is the best way to ensure that evidence of an intellectual property crime is properly secured and that all investigative avenues are fully explored, such as the execution of search warrants and possible undercover law enforcement activities."

Has someone infringed on your intellectual property? Or have you been accused of infringing on someone else's intellectual property? Contact the Law Offices of Donald W. Hudspeth, P.C., today to set up a consultation. Our skilled professionals can walk you through exactly what you need to do next.

Categorised in: Intellectual Property Law

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