Intellectual property is often the most valuable asset of a business. Intellectual property laws play a significant role in promoting and protecting innovation by affording legal rights to creators, inventors, and businesses to their inventions, brands, works of authorship, and trade secrets.

The Importance of Intellectual Property For Your Business 

Intellectual property protection can enhance a business’s valuation and attractiveness to investors. Whether it’s securing exclusive rights to unique products or guarding innovative processes from unauthorized use, prioritizing intellectual property protection has the ability to give a business a competitive edge in the global market. A comprehensive strategy to identify, protect, monetize, and enforce intellectual property rights is key to enjoying the benefits afforded by intellectual property laws. 

How Intellectual Property Can Protect Your Innovations 

The ideal intellectual property protection strategy includes different types of intellectual property protection, including any combination of patent, trademark, copyright, and trade secret protection. 

Patents

A patent provides its owner with the right to exclude others from making, using, offering for sale, or selling the invention for a specific period of time. Businesses who wish to protect inventions in international markets should apply for patent protection in the United States and abroad. Businesses may seek patent protection for items such as devices, product design and packaging, processes, formulas, and more.

Copyrights

A copyright is an exclusive right given to owners of original creative works. A copyright owner has the exclusive right to reproduce, adapt, publish, perform, and display the original works, as well as the right to authorize third parties to exercise these rights. Businesses may seek copyright protection for items such as product packaging, textual, graphical, audio or audiovisual content, and in some instances product design.  

Trademarks 

A trademark is any word, name, symbol, or device used in commerce to identify or to distinguish a source of goods or services. To be eligible for trademark protection, a mark must be source-identifying. (i.e. it must communicate to a customer that particular goods or services originate from a particular source).

The goodwill and reputation of a business and its products and services are often linked to its trademarks. Businesses may seek trademark protection for items such as names, slogans logos, colors, sounds, and in some instances product design and packaging.

Trade Secrets 

A trade secret is commercially valuable information that is not generally known to others providing a business with an economic advantage over competitors or customers. 

Licensing 

Businesses can monetize their intellectual property rights through licensing agreements. A business may allow another party (the licensee) to use, manufacture, sell, or distribute their patents, trademarks, copyrights, or other intellectual property assets under the conditions of a licensing agreement in exchange for royalties or other fees.

Protect Your Most Important Assets With the Help of an IP Attorney

Consulting with an Intellectual Property Law Attorney can be helpful in attaining the essential legal guidance and expert advice needed to effectively understand which type of intellectual property protection you need.