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Significance and How to Develop Intellectual Property Protection Plan

It is shocking to realise that the competitor, who gained an edge against you is actually your past employee. Somehow your secret WAS stolen and replicated because of your trust. You ignored to protect your trade secret legally and are in no position to claim your right. Now, you realise the importance of IP or intellectual property rights.

What are IP rights?

IP rights are approvals given to a person over their intellectual creations to be used for a specific time period. IP rights are similar to property rights. IP rights constitutes –

  • Copyrights – Protects a person’s firms or websites creative work from getting plagiarised, copied or replicated.

 

  • Patents – It includes not just the original design but even the procedures. Country specific patent rights can be applied for.

 

  • Trademarks – Takes care of signs, symbols, and designs, which differentiate the product from other brands.

 

  • Registered designs – It covers the products deeper aspects like fashion house can protect their complex aspects like patterns.

How business can protect their intellectual property?

IP theft is a common phenomenon. Adapt the following measures to guard your IP, logo, designs, patents, trademarks, and more.

  • Draw policies covering all your IP assets

 

  • Legal contracts can be helpful

 

  • Start IP process, before going into business

 

  • Maintain a chronicle of your IP progress

 

  • Keep ideas secret, before filing a patent

 

  • Keep close watch

 

  • Include creation date and name to ensure copyright

 

  • Punish offenders to deter same behaviour from getting replicated in future

How to sketch an IP protection plan?

Businesses need to concentrate in crafting a strong intellectual property plan for protection.

  • Develop policies and procedures that limit the movement of confidential data to employee’s email addresses or personal devices.

 

  • Formulate written agreements with employees and bind them to maintain business matter confidentiality.

 

  • Device policies allowing specific employees access to sensitive business material.

 

  • Create written contracts and agreement with 3rd party contractors, so as to forbid them from access or disclose your company’s private data.

 

  • Have strict IT security protocols to confine random access to business information.

Business owners, who underestimate the significance of IP protection plan, place themselves at risk of losing trade secret rights.

Significance of IP rights

Without an appropriate IP protection plan a business will need to pay a heavy price. Proper IP implementation ensures –

Protection against duplication

IP laws protect your ideas against unauthorised plagiarism and duplication. It provides you leverage against those competitor, who can steal and apply your lucrative idea.

Safety from theft

With strong legal protection, customers get to purchase brands from a genuine business entity. It gives warranty that you will not get snared on the internet with fake products.

Investors find it appealing

A business under the protection of IP rights appeals to smart investors because they are aware that IP enhances business credibility. Thus, it becomes easy for start-up to seek funds.

Seek professional help

Start-up owners are new to IP world and any compromise in this region shouts trouble. Therefore, seek professional advice while registering. It helps to protect your IP in the local as well as foreign markets.

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