Intellectual Property (IP) is the foundation of a strong and burgeoning business. It protects vital business assets that are critical to the success and profitability of the organization. In today’s globally competitive markets, it becomes imperative to protect your core ideas and innovations from infringement. Without a sound IP protection barrier in place, your business is prone to risks that can damage your reputation and cause serious dents in profits.
Before we learn the ways to defend IP it is important to understand its value to a business. Here is why you should invest in keeping your IP safe:
2. Seek Legal Help
From drafting contracts to fighting infringement, the IP landscape involves all kinds of legal scenarios. Having a trusted expert by your side is therefore mandatory to navigate through the legal waters. An important part of IP protection is the drafting of contracts like non-disclosure agreements (NDA), licensing agreements, sales contracts, employment agreements, etc. It is best to rely on professional legal help for fool-proof contracts in all the above matters.
3. Enacting Software Security
Protecting your IP in the virtual world is as important as securing it offline. If sensitive data is stored on your cloud, then it is imperative that you put in reliable software security measures to prevent it from being hacked. Some of these are:
4. Monitoring External/Offline Devices
While software security may be followed diligently, businesses often overlook offline devices such as printers, scanners, copiers, and fax machines. IP data can easily be stored in these places and is prone to theft. Therefore, put safety mechanisms in place to ensure the data stored here is destroyed after use. The server farm and archive rooms must always be kept locked and under surveillance. Limited access should be granted to these areas as well.
5. Single Ownership is Best
In joint ownership, all the parties have a right to recreate, distribute, or use the IP in the manner they deem fit. This creates confusion and complications for all stakeholders. So, while collaborations in creating IP can be solicited, it is advisable to keep the ownership single.
Besides the critical 5-step process listed above, other small measures that can go a long way in adding an extra layer of security are:
The ability of IP to generate profits and add value to your business cannot be ignored. Therefore, having a comprehensive IP strategy in place is essential. As a business that focuses on innovation, one may not have the time or expertise to effectively safeguard the IP. It is best to rely on specialized firms whose sole concentration is in the IP domain. They can guide and counsel you from inception till the time you secure a patent, and further in case of infringements. So, secure your IP today with the professional help of a reputed firm.
We’ve constantly identified the value of new technology carried out by our pretty skilled executive crew with backgrounds as our professionals. Like the IP professionals we empower, our starvation for development is never-ending. We IMPROVISE, ADAPT, and IMPLEMENT in a strategic manner.
TT Consultants offers a range of efficient, high-quality solutions for your intellectual property management ranging from
and much more. We provide both law firms and corporations in many industries with turnkey solutions.
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