3 Intellectual Property Strategies for Small Business Owners

Also known as intangible assets, Intellectual Property (IP) elements are among a business’s most valuable possessions. This is especially true for small companies that activate in areas such as software, tech innovation, digital creation, and more.

These businesses work hard to provide customers with ideal products and experiences. Still, because these are not tangible, it’s easy to lose track of the concept in today’s highly technologized world.

Therefore, the best way to keep your business competitive is to be cautious and take protective measures. Your intangible assets (ideas, concepts, inventions, original works) can be protected using legal tools such as patents, trade secrets, trademarks, and copyrights. Each of these is designed to protect IP and help authors and inventors profit from their work.

Plus, when you invest in your assets, you add a layer of credibility that tells the world you trust the product/service and are ready to back it up. This level of confidence attracts quality leads and may even pique the interest of market leaders.

However, for this to happen, every business needs a solid IP strategy that will put it on the path to success.

We talked with a few specialists in the field and learned some of the best ways to go about IP strategies as a small business. Moving forward, we’ll mention the three most common ones.

IP STRATEGY FOR STARTUPS

1. Hire Someone that Specializes in Intellectual Property Law

Small businesses usually struggle with their budget, which is why it’s tempting to forgo IP tools or try to implement them without any legal assistance. However, this would be a mistake.

We consulted with a few law specialists and learned that, in case of a legal dispute, most businesses and individuals who don’t have specialized legal assistance are at risk of losing because they don’t know all the steps or the requirements.

That’s why corporations have internal legal teams that cover every aspect of the IP registration process. Also, it’s the job of these teams to make sure all IP protections are up to date and follow any new regulations.

Small businesses may not afford (or even need) internal legal teams, but they should hire a specialized attorney just in case.

2. Act Fast

Innovation happens everywhere around you, so you can’t afford to sit on an idea that has potential. Whether it’s an invention, a product concept, or even a new design – you have to get it first into the market. Otherwise, you risk losing the novelty element.

Plus, a competitor may already have the legal protection to use it, which leaves you out of any options.

In IP protection, the moment of conception is important. However, when it comes to patents and trademarks, the moment of registration is equally essential. With these tools, priority counts because registration provides exclusive rights over the idea or concept.

Plus, being first is not just about beating others to the punch. For businesses, it also offers an unmeasurable competitive advantage.

3. Invest in IP Protection

One of the reasons cybercriminals target small businesses is that they may find gold buried deep in their database.

When you work on a new concept or an invention, chances are you will store details, sketches, and valuable information on a computer or storage device. If this device is connected to the internet and you use it for work or entertainment, you risk losing your precious idea to the Dark Web.

Data leaks and ransomware attacks are more aggressive and smart every day. So, when you invest in IP protection, you also need to invest in your cybersecurity infrastructure.

Wrap Up

IP protection is not just for inventors or corporations. If you want to add credibility to your brand and fully immerse in social media promotion while building a reputation online, you need to think a few moves ahead. Tools like trademarks and copyright should become part of your vocabulary, and care for your data should be your primary concern.

Do you know how to write an IP strategy?