5 IP Protection Mantras Every Business Should Follow
Intellectual property (IP) is a very important part of a business’ framework. It’s made up of all the ideas and information that build your business, making it a very valuable asset. Like other valuables, you should be protecting your business’ IP. Here are 5 ways you can do it:
1. Audit your trade marks
Branding gives your business an identity and sets it apart from your competitors. You must therefore ensure that your brand is protected. The signs that you use to brand your business can include logos, product names, taglines, etc. An IP audit can be compared to a stock audit. The information captured enables a business owner to make important decisions. You can then decide what trade mark assets need protection. A good idea is to create an IP asset register where you record:
- Description of trade marks
- Date of creation
- Details and statuses of marks
- Commercial dealings e.g. licences, assignments
- Potential risks e.g. ownership
- Past actions taken & next actions needed
- Past costs & future expected costs (budgets)
2. Check other IP assets you can protect
If your business is in the line of creating content or inventing things, you should take steps to protect those assets. Acquire all the information of your business that relates to IP and IP ownership, such as:
- Confidential information
- Circuit layout rights
- Plant breeders
Protect your ownership of inventions, literature, music, movies, visual designs, and many others.
3. Protect your online presence
The Internet is a powerful platform that has given rise to new legal issues for trade marks. But as accessible as the internet is, you need to be vigilant and protect your online intangible assets. Consider whether you have ownership of your trade marks, secured your domain names to avoid domain name disputes and your social media handles. Consistency is key when it comes to visibility online, making it easier to find your business online and more credible.
4. Protect your secrets
Confidential information and trade secrets or “know how” give you a competitive edge. Keep this info a secret! Make sure that non-disclosure agreements and contracts are in place when you share information that needs to be confidential, whether it is for an employee or a contractor.
5. Make sure your IPs are enforced
IP rights are the laws that countries have to protect intellectual property rights.
- Legal rights that protect your ideas and inventions.
- They allow creators or owners of intellectual property to benefit from their own creation or work.
- Right to exclusively use intellectual property.
- Protection from infringement.
As an owner of IP rights, you have exclusive rights to use your IP property. Infringement occurs when someone uses your IP without your permission. However, you must monitor and watch the market to ensure your rights are not being infringed. Check the trade mark registry and other information sources like social media or search engines to see if there are other businesses using similar branding or copying your works.
Svethlana Milanes, ABComm
Contact W3IP Law on 1300 776 614 or 0451 951 528 for more information about any of our services or get in touch at firstname.lastname@example.org.
Disclaimer. The material in this post represents general information only and should not be taken to be legal advice.