Don’t make these Intellectual Property Mistakes

Companies of all sizes should take care to protect their intellectual property (IP). For a small business owner, one IP mistake could be devastating to the success of your entity. Thus, it is vital that you understand how to handle your IP. Below are a few tips to consider:

Don’t assume you own the IP created by your employees

It is a common mistake for employers to think that the IP created by their employees or contractors automatically belongs to the business. However, unless you have a contract that provides that your company owns the rights to all IP created while employed by you, the reality is that you may have very limited, if any, rights to the creation.

Register for IP protection

Properly registering your IP for trademark, patent or copyright protection is essential. This is the only way to ensure that your competitors are prohibited from copying your IP. Just be aware that con artists often prey on entrepreneurs desire to protect their IP. They claim they will help you safeguard your IP rights, but the business owner pays the fee and receives nothing in return.

Believing you’ve got time to figure it out

Many entrepreneurs believe they have plenty of time to develop their IP strategy, but this is not true. Even if you are the first person to invent or create a product or service, you are not protected unless you are the first to file. Thus, you must apply to protect your IP as soon as possible.

The above are just a few considerations when it comes to your IP. The most important strategy for a new business owner to protect your IP is to confer with a knowledgeable attorney. Let us help answer your questions and provide you with the advice and guidance you need. Nielsen Law Group has offices in Chandler, Tempe, Gilbert, AZ and Redlands, CA. Our attorneys and professional staff combine their in-depth knowledge of the law with practical and efficient strategies to determine the most effective approach to each client’s unique situation. Contact us today.