Intellectual Property
Halt | August 24, 2021 | 0 Comments

How To Protect Your Intellectual Property From Being Stolen

Intellectual Property (IP) is any intangible proprietary information or asset that you use in the process of developing marketable products. Intellectual Property can include an invention, chemical formula, designs, names, or ideas. In many industries, IP is as valuable as a tangible physical asset. Companies and inventors file for and acquire patents, trademarks, or copyrights to secure their rights on this property and prevent it from being stolen and copied. Your best bet is to hire the services of experienced patent attorneys like the ones from IPS Legal Group in Orlando who can advise you on the procedure for registering the IP and preventing unauthorized copying. Here are some additional details you might find helpful.

Do These To Protect Your Intellectual Property

To File Or Not File A Patent

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Filing for a patent is traditionally the best way to secure Intellectual Property. Patents are valid for 20 years and prevent anyone from manufacturing or marketing your ideas. You could also file for patents in other countries and prevent global companies from discovering and using your inventions. Once you acquire the patent, competitors must file applications to get licensing to make similar products.

But, there’s a flip side. When filing a patent, you’re required to submit detailed information, drawings, and blueprints that describe how exactly the product works. Once the patent is published, the IP is available to compete with businesses that can change a few minor specifications to get around patent regulations. Some experts suggest standardizing the idea with a standards association as an alternative to deter other people from developing similar ideas.

Break Up The Manufacturing Processes

Most innovators create working prototypes of the product design but need assistance with producing them for sale to end customers. They must partner with manufacturers and share the designs to monetize their intellectual property. But, once the designs are shared, the concept could get leaked in the open market or the manufacturer could develop similar competing designs. To avoid this tricky situation, you must get the partners to sign a Non-Disclosure Agreement or NDA.

Further, you could share information about only a specific component of the end product with each manufacturing unit. Once the parts are ready, you’ll set up a workshop to assemble the parts under careful supervision. And, prevent your intellectual property from getting stolen.

Store Documents And Blueprints Securely

Under Lock and Key: How to Secure Documents Safely

In the contemporary digital world, using the internet for any purpose is inevitable. You may need to research for information while innovating your idea or preserve copies of the processes for future reference. You may also need to communicate with employees and team members via email or project management platforms. All this exchange of data if breached could lead to your IP getting leaked and ending up in the hands of competitors. They could beat you to the patent and acquire rights before you file an application.

Prevent this situation by adopting adaptive authentication with risk analysis along with two-factor authentication. Relying solely on passwords is highly risky, and compromised credentials are one of the primary causes of data breaches.

Hire Employees With Care

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When you hire a team to innovate and manufacture your new idea, scan resumes for employees who are also starting a remote notary business. You could get in-house notaries to officiate the signing of hiring contracts. Include provisions and infringement clauses where workers agree to safeguard the IP entrusted to them. They must formally commit to not divulging company secrets even after they quit and perhaps, work with competitors. Your contract can also require that workers submit all documents and files related to the invention before leaving your company.

Protecting your intellectual property from getting stolen can be a complicated task. Make sure you take the necessary steps to prevent breaches and leaks and benefit solely from the concept you developed.

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