Without question, business owners will insure their physical assets, such as property, work equipment, furniture, computers, and inventory. But, often, intellectual property (IP) is not protected with the same fervor, which can put your business at risk, as, arguably, it may be your biggest asset. Why? Because of the opportunities IP gives you for business growth, like these.
Defining Intellectual Property
The World Intellectual Property Organization (WIPO) defines IP as “creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images used in commerce.” Essentially, intellectual property consists of the intangible assets that differentiate your business, like brand names, logos, innovations in technology, and proprietary designs and processes. You protect your IP through the following.
Trademarks – Protect the symbols, words, and slogans that identify products and services. They are registered with the United States Patent and Trademark Office (USPTO) and last for ten years.
Copyrights – Protect tangible and intangible creative works and give the owner exclusive rights to use, display, copy, exhibit, and modify the work. They are registered with the Library of Congress and last the lifespan of the original owner plus 70 years.
Patents – Protect processes, methods, and inventions and give the owner exclusive rights to make, sell, and distribute the invention for 20 years. There are three types of patents: utility patents, design patents, and plant patents.
Impact of Intellectual Property
In addition to enabling people or businesses to earn recognition or financial benefit from what they invent or create and, in general, fostering an environment for creativity and innovation to flourish, IP can help your business grow in the following ways.
- Protecting your innovative products and services from infringement by others.
- Increasing the visibility of your brand and the value of your products/services in the market.
- Distinguishing your business and its products/services from the competition, thereby giving you a greater competitive advantage.
- Developing additional sources of revenue, like licensing deals for the use of your intellectual property.
- Attracting investors as IP protection makes assets more eligible for research and development funding.
- Helping you manage IP-related risks such as inadvertently using third-party proprietary content or losing your own valuable information, innovations, or creative output.
However, keep in mind that if your business plans to enter foreign markets, you will need to secure protection in each of those as well because IP rights are only valid for the country in which they were granted.
Navigating Intellectual Property Law
The process of protecting your intellectual property can be complex, and unfortunately, those protections don’t necessarily mean your business is in the clear. IP trademarks, copyrights, and patents are regularly challenged, so it’s important to have legal support from someone who specializes in this type of litigation, specifically:
- Resolution of copyright infringement offenses or allegations
- Copyright and trademark filings with the United States Patent and Trademark Office (USPTO)
- Application renewals for the ongoing protected status of IP
- Intellectual property licensing
- The transfer of IP in connection with the purchase or sale of business assets
Attorney Kline Preston has almost thirty years of experience practicing law in both domestic and international contexts and can help protect your IP or defend yourself when challenged by other individuals and businesses.
For advice or detailed guidance on any intellectual property legal issue, contact Kline Preston.
