It is not only important for a business owner to understand all the factors to be considered when you intend to seek protection of intellectual property, but it is equally necessary to know how the rights to the intellectual property can be efficiently secured. The most important thing to establish from the IP Law Firm in Raleigh about intellectual property protection is how the interplay of legal requirements will impact the core strategy of the business.
Decisions that many startups struggle with include whether the proprietary rights of a business should be kept as a trade secret, be patented or copyrighted. It is vital to seek comprehensive protection for all aspects of the business in order to ensure success and to avoid high stake wars with the competitors. Important components of intellectual property that a company must safeguard at all costs for it to maintain and develop successful operations include the following list below.
Apart from registering literature and other works of art, motion pictures and images, and musical compositions to be protected by copyright law, there are other business aspects such as different forms of corporate literature, software codes, white papers and other technical documents that must also be brought under copyright protection. Many business operators often ignore or lack information about the necessity to protect such rights. A business owner stands to get advantages of infringement when copyrighted works are registered such as awards of statutory damages, and a refund of the legal fees.
Having a patent might not bring success to a business in the short-term, but as an element of the long-term business development strategy, any form of patented technology can be of great value to a company. All technologies derived from one’s hard work, creativity and innovations enjoy exclusive rights to the original patent. It can fend off unnecessary competition by stopping others from using the technology or preventing them from taking advantage of the hard work done by a company. A patent is also a valuable tool in bringing about partnerships with other organizations. Startups can disclose their technology to others without the fear of losing its control when the product is patented.
As a key to a beneficial exit strategy during mergers and buyouts, patents and proprietary assets can be used as finance collateral thereby increasing the value of a company. The cost of securing patents is always negligible compared to the value a real patent gives a business. If your technology is not patented, you might not sell the company when you want to do so.
Trademarks can give a business more value because they are transferable rights when they are registered. When a business logo, tagline or name is registered and protected as a service or trademark, it acts as a good source identifier that can influence the purchase decision of consumers because of brand recognition. It ensures maintenance of quality levels and prevents low-quality imitation in the marketplace.
Many software codes, manufacturing procedures, and chemical formulas need to be kept as trade secrets because they require no filing or registration, but they can be valuably conveyed to others as outrights or be licensed. It is important to prevent customers and competitors from gaining access to trade secrets.
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