5 Tips to Protect your Business’s Intellectual Property Rights
Having secure Intellectual Property (IP) can be a key assets for an organization. Your IP represents confidential information and original works created by your business. Therefore, developing an IP protection strategy for your company is indispensable.
An effective IP protection strategy helps you avoid unnecessary expenditures in litigation and also lets creators benefit from their innovations freely. The Canadian Intellectual Property Office (CIPO) is responsible for regulating the registration of IP in Canada. To devise a better IP approach for your business, here are a few tips to keep in mind:
Understand your Industry
It’s important for all businesses to protect their IP. But, registering for different IP rights can be a long and expensive process. Understanding your industry early on is vital to executing a well-defined IP protection strategy.
For industries, like information technology and telecommunications, strong IP protection is crucial as products have shelf lives exceeding a decade and are a primary source of revenues for the company.
Register for the Respective IP
Intellectual Property includes copyrights, patents, trademarks, industrial designs, Integrated Circuit Topography (ICT) and trade secrets. The best way to safeguard your IP is to ensure that you are properly protecting it. An experienced patent and trademark agent can help you classify your Intellectual Property accordingly and apply for appropriate protection.
Some types of intellectual property can be kept secure by defending their privacy. To protect your business’s trade secrets and other confidential information, consider presenting a non-disclosure agreement to management and potential investors. You can also include certain restrictions on the use of company data in policies of conduct for your employees. If you intend to maintain a trade secret, the advice of a patent agent or patent lawyer can prevent the unintentional loss of this type of IP.
Register in Foreign Countries
If your business operations extend to other countries, consider registering your intellectual property overseas as well. Your patent and trademark agent can help you identify various IP laws in different countries and help you register your IP according to the regulations in those particular nations.
Monitor your IP
Registering for different IP rights is not sufficient to commercialize your work freely. Regularly monitoring the market to identify potential infringements of your copyrights, trademarks or patents is useful.
Set up alerts on search engines to monitor for keywords and phrases that are similar to your original work. Scan the market on a regular basis for new products and brands that may be a duplicate of your creation.
Defend an IP Infringement
The best way to protect your intellectual property is to take immediate action against infringement. Registering your business name for a trademark or your invention for a patent does discourage unethical use of your IP but it doesn’t protect it from misuse. As soon as you encounter a breach of your IP rights, consult a law firm. A proficient patent lawyer can assist you in defending your IP rights.
Keep these tips in mind while devising a comprehensive IP protection strategy for your business and consult a patent and trademark agent to understand these IP rights better.