Over the years we have learnt that not all IP is created equal and not all is protected equal. Sometimes certain information might be useful to you and its protection imperative, but the law may not recognise it as such. The IP regime world-over is growing and evolving which means there are still certain loopholes which might leave you vulnerable. We spill some industry secrets on where do most proprietors falter, the best ways to protect your IP and how to protect seemingly unprotectable Intellectual assets.
Protection and Renewal: Maintain diligent vigilance over the renewal process of patents, designs, and trademarks. It is crucial that the business owners pay the requisite renewal fees in a timely manner to ensure the ongoing protection of these intellectual assets. Failure to comply with renewal obligations will result in the expiration of registered rights and losing the rights for sheer negligence. Don't make this mistake.
Document Everything: Institute comprehensive documentation practices to preserve a detailed record of all discussions pertaining to your ideas. It is advised that companies meticulously track and archive all conversations concerning their intellectual property through mediums such as email.
Protect all your secrets outside the company: Impose the execution of Non-Disclosure Agreements (NDAs) as a prerequisite before sharing confidential information with external parties. This requirement applies universally, regardless of the relationship with the individual, be it a friend or an employee. Although it may present challenges, such agreements act as a robust shield against misappropriation and theft.
Protect all your secrets inside the company: Enforce the signing of Non-Compete Agreements (NCAs) for employees and collaborators. These agreements serve as deterrents, preventing these individuals from engaging in business activities that directly compete with the interests of the company within a specified timeframe.
IP Culture: Foster an IP culture within your organization. Experts strongly recommend establishing an IP awareness program across all levels of the company to ensure a comprehensive understanding of the significance and associated matters relating to intellectual property. The responsibility of IP registration, security, and maximization can be assigned to a designated individual or a specialized IP professional.
File applications: Consider filing a provisional patent application (PPA) to initiate a patent pending status. And even trademark on a proposed to be used basis and copyright the moment a creation is created. This cost-effective measure affords protection for your project for a certain period, providing you with valuable time to secure funding or validate the concept's feasibility.
We hope this information is useful to company owners and IP Lawyers alike. For more such inside tid-bits follow our newsletter below.
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