The phrase ‘intellectual property’ refers to an entity’s intangible assets like trade secrets, copyrights, trademarks, and patents. It is still the lifeblood of businesses of any size and form. Strategically handling these assets will drive small entities toward greater recognition.
This is one of the many different reasons why all businesses must protect their intellectual property. Another reason is that the theft of intellectual property is too common a phenomenon today. The theft may affect any company, regardless of whether it is small or big, so you cannot ignore it. Anyhow, a small business might experience the repercussions of the theft more acutely as compared to its bigger counterpart. When starting a business, it is easy to underestimate the possibility of somebody copying or stealing its technology, trade secrets, and/or designs. This theft occurs more frequently than you may think.
Therefore, you must take proactive measures to keep your entity’s intellectual property safe. Some of these steps are registering its trademark, implementing organizational and technical measures to protect its secrets, and submitting an application for a grant of patent. You must at least take one of these steps sooner rather than later. If you do it, as one who owns the intellectual property, then it would help you to keep focusing on growing your entity, client base and so forth. This focus would mean you being free of much mental stress.
Safeguarding intellectual property also offers more rewards. It will make you better capable of defending your entity against unfair competition, can make that business more appealing, and can help build goodwill, thereby allowing you to flourish. For instance, a patent will show that you are the creator of a particular technology. Getting a patent means that only you will be able to utilize that creation. Usually, a patent is valid for 20 years, which will be enough time for you to exploit it in the small business market.
Moreover, patented technology provides priceless insight into an entity’s expertise level. Business customers and partners tend to look at patents and other types of intellectual property while they assess the potential of future funding and collaborations. Therefore, a patent will convey the innovative spirit of a small entity, as a concrete asset of value instead of just a statement. This business reputation-related boost will open opportunities that are difficult to find, such as lucrative joint ventures and generous investments.