4 Important Tips on Protecting Your Intellectual Property

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4 Important Tips on Protecting Your Intellectual
Property
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So you have a great, innovative idea, and you
think this will catapult you into a successful
new business venture but, before you go
enthusiastically announcing your inspiration to
your colleagues, friends, and family, or spilling
your trade secrets elsewhere, you should consider
the legal protection of your intellectual
property. Here are a few tips on protecting your
intellectual property
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Present a Complete Picture Before getting legal
protection, take the time to fully develop your
idea instead of launching it into the universe
right away. When you come to the table with an
idea that has been well researched, is
trademarked, and has a patent, it increases the
chances of attracting investors or getting any
financial institutions to support you. Therefore,
it is a good idea to present a complete picture.
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Give Yourself a Competitive Advantage Even if you
think there is no competition out there for your
potential business, dont use that as an argument
for note spending the money for protecting your
idea. The legal protection of your intellectual
property will give you the best opportunity to
participate in investor sponsored events and
seminars where you can learn from others
marketing strategies and business ideas.
Participating in seminars, conferences,
tradeshows, and other such networking events will
greatly increase your visibility and credibility
in the market. The more connected you are to the
business community, the better off you would be
when the time comes to launch your idea off the
ground.
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Rely on Legal Protection Be sure to keep your
idea under lock and key. Even with all the
physical protection in the world be it safes,
security codes, and guards, not much can stop an
employee from walking out the door with your idea
except the law. The good news in this regard is
that courts are now increasingly recognizing the
value of intellectual property and have taken
steps to ensure the protection of rights of
ownership. The public awareness regarding the
value of intellectual property has also increased
and so has the confusion regarding what is legal
and what is not. Therefore, it is important to
hire an expert attorney who is well versed and
up-to-date on the latest decisions in the laws
regarding intellectual property.
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Be Patient It takes time to license a patent or
to obtain a copyright or trademark, therefore, it
is important to be patient with all these
processes. In the meantime, you can always
continue to build and grow your idea under the
radar without telling the whole world about it.
It is also important to have some trusted
advisors with whom you can share your ideas and
ask for feedback, so that you are aware of the
innovations in your field that are occurring
outside of your current environment. Do not lose
touch with any of your potential customers or
audiences. And also make sure that your idea
creates something that people need and want, or
gives them value in one way or another.
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