The term property is commonly associated with bricks and mortar. Nonetheless, in business, property is much more than this. Business is all about branding, and your brand may consist of several types of intellectual property (IP).
Failing to protect your IP leaves your business exposed. Copycats could simply come in and steal your ideas, undoing years of hard work. Here are some of the main types of IP that you need to protect.
Inventions and unique processes
All businesses start with an idea. However, some businesses are completely original and involve the invention of a totally new piece of technology. Before going public, it is vital to protect any unique inventions that you have. You can do this by filing for a patent. Patent protection means that a rival cannot copy your inventions.
If your business centers on a unique recipe or process, then you can register these as trade secrets. By doing so, you can keep these formulas from becoming publicly available and copied.
Trademarks and copyrights
Big brands like Nike, Apple and McDonald’s all have something in common. They have distinct logos that are widely recognized. This is not by chance. All of these companies have protected their logos by registering them as trademarks. Nobody else can legally use these logos. Trademark protection also extends to the slogans that remind consumers of a particular business.
Your business may also rely on certain unique design aspects like web content, songs, and published works. To protect these and ensure that they remain unique, you can copyright them. This means that the material cannot be used by anyone else without permission.
IP protection should not be overlooked. It is an essential part of running a profitable company. For more information, it will help to seek legal guidance.