As an entrepreneur, your enterprise most likely creates and uses intellectual property (IP), which you should consider protecting. Identifying and securing your IP can mean the difference between thriving in a competitive market and losing your edge.
Do you know the intellectual property your business has created, and whether it is worth protecting? You may benefit from exploring how to determine whether your business should invest in safeguarding its intangible assets.
What is intellectual property?
Intellectual property is an intangible asset that is just as valuable—if not more—than physical assets like machinery or inventory. You can protect them to help ensure your business has exclusive rights to use and commercialize your creations. Otherwise, your competitors may copy and exploit your innovations, thereby undermining your competitive advantage.
Does your business have IP worth protecting?
Not every business innovation you have may require formal protection, but many do. You should carefully analyze your intangible assets to determine which ones you should safeguard. Your intangible asset will likely need formal protection if it’s a bespoke protection, process or service that significantly improves your business operations. Any innovation that your enterprise relies on to stay ahead in the marketplace can be used by your competitors to replicate your success.
Additionally, you might want to formally protect your enterprise’s slogan, make or logo to secure your brand identity as a key part of your business. You can use trademark protection to help ensure upcoming businesses do not steal the identity you’ve established for your enterprise.
If you’re struggling to identify intangible assets that you should formally safeguard, seeking seasoned legal guidance can help you clarify your intellectual property needs. The right legal support can help ensure you don’t leave your competitive edge to chance.