Intellectual property should not be a concern for just large businesses and big corporations. Small businesses and startup operations should know the value and importance of intellectual property and its impact on business success as well. Intellectual property is important at every stage of business development.
Many small businesses or young entrepreneurs do not understand the various types of intellectual property and the protections they can bring to their products, services, and company. Not knowing the correct type of intellectual property in your company can cause one to choose the wrong type of protection. This lack of knowledge can open the door to intellectual property theft, which is on the rise involving all size companies. A corporate attorney can help you understand the forms of intellectual property and assist you in choosing the right one for your business, which may include the following:
- Copyrights protect original creations, which may include writings, speeches, photos, drawings, art or music. Once you create a piece of work, you have the authority to determine how the work will be used or reproduced.
- Trademarks can be any logo, slogan, symbol or graphic design that is associated with your firm or services which separates you from your competitors or gives you a unique distinction from other companies.
- Patents are rights given to an inventor that allow the creator to be the exclusive manufacturer, user or seller of the product or service created for a certain amount of time. Normally, a patent lasts for 20 years
- Trade Secrets are business information about your company that gives you a competitive edge and are unknown to your competitors. The information may be a formula, pattern, compilation, program, device, method or technique that gives your company an advantage in the market.
Since many small businesses and startup companies put addressing intellectual property on the back burner, they often fail to establish concrete IP strategies at the onset. You should always be thinking about an IP strategy at every stage of your business. An experienced corporate attorney in Los Angeles can help you create an effective intellectual property strategy that will enhance and protect your company at every stage of development. Intellectual property can be one of your most valuable assets. Never underestimate the power and importance of intellectual property to your business.