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Avoid these Intellectual Property Mistakes

Avoid these Intellectual Property Mistakes picAll business owners, regardless of the size of their company, should work to protect their intellectual property (IP). For a small, start-up entity, one IP error could destroy the business. As a result, it is important that you educate yourself on how to handle and manage your IP. Consider the following:

Don’t Presume you own the IP

Many employers make the mistake of assuming they own the IP created by their employees, but this is not always the case. Unless you have an agreement with your employees that sets forth that all rights to the IP created by your employees belongs to the company, the reality is that you may have very minimal, if any, rights to the IP.

IP Registration

It is imperative that you register your IP for patent, trademark or copyright protection. This is the most effective way to ensure that your competitors cannot copy your IP. Be aware that many scammers try to take advantage of entrepreneurs who are attempting to safeguard their IP but are unsure of how to do it. Make sure you work with a trusted business attorney to ensure you have the proper protection for one of your business’s most valuable assets.

Don’t Procrastinate

Don’t make the mistake of thinking you have plenty of time to develop an IP strategy. Just because you are the first person to create or invent a service or product does not mean you are protected unless you are the first to register. Therefore, it is important to apply to protect your IP as quickly as possible.

The above are just a few examples of issues an attorney can help you with when starting a new company. Obtaining the right advice from the start can significantly increase the likelihood of your business being a success. Contact The Swenson Law Firm for help.

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