Intellectual property refers to that unique item you came up with physically. Your idea, however, isn’t your intellectual property. When you hold the rights to an invention, a design/ look of a product, written documents, or the names of products, then you can stop anyone trying to steal or copy that product.
Intellectual property include patents, copyright, trademarks, and designs.
- Cover all your legal basics and encrypt the IP address
Where intellectual property is concerned, you should ensure that you have a strong legal base. The legal agreements should be enforceable in a court of law. For sensitive data, you should employ strong encryption internally. In case of a breach, this somewhat expensive procedure will be worth the high price.
You should also get Canadian tax help to ensure that you are on the right side of the tax collector.
Since cases challenging ownership of intellectual property are harder than other cases to prove, you should hire a lawyer whose specialty is in business or intellectual law. You need the best person for representation.
- Apply for the right type of protection
There are different types of protection for intellectual property. The one you choose should be the best for your property. You will come across patents, design rights, trademarks, registered designs and copyright. You have to know what to apply for, and you will need a lawyer for that. You can also use more than one type of protection.
When looking for a lawyer, make sure to ask for a fixed rate for filing for intellectual property rights.
- Keep everything documented
To defend your property when stolen, you should have running logs and journals of everything you have done. Ensure that the journal captures everything from when the conception of the idea, to the meeting called including all the people in attendance at the meeting. Paper copies are important. For a record of the time and date, you can have the details time-stamped.
For this to work, you should also consider employing the right security measures labeling the products and warning against prohibited use or reproduction.
You will also need well-written NDAs (Non-Disclosure Agreements) to protect all intellectual property from the start. This is ideal for licenses, employment agreements, technology transfers and sale contracts.
- Give the best experience and profit from it
For your intellectual property in the form of a patent to stay protected, you need to run with the idea and make the most out of it. With trade secrets becoming hard to protect, you should consider implementing as soon as possible. This will help protect against patent trolls. For technological applications, offer the best user experience.
You should also be fast, acting speedily and creatively to stay ahead of your competition. Time could the only thing creating the gap between you and your biggest competitor.
Protecting your intellectual property saves you from losses if someone adapts your process or idea. Also, when your property is protected, you will have all rights to sue anyone who steals or copies your idea.