How happy could you be, shouting your success from the rooftop? But what if the idea gets stolen. In any case, you need to protect your idea, which is why the intellectual property right comes to action.
Whether it is a patent, a trade secret, or physical assets, necessary procedures must be followed to protect your ideas. Every organization needs intellectual property rights. IP rights not only protect your work from getting stolen, but it is a plus point for the people that whatever your invention is can reach more and more people.
What Exactly is Intellectual Property Rights?
Intellectual property can be anything, starting from an idea to bring that to reality, for instance, trade secrets such as the chemical formula of medicine. Once it is registered on your name, no one else can use that; otherwise, legal actions can be taken.
Intellectual property rights can be classified into two categories: Industrial property and copyrights.
Industrial Property includes a patent for industrial design, inventions, and geographical indications.
Copyright covers all the literary works such as novels, designs, paintings, websites, architectural designs, photographs, etc.
IP is essential and beneficial to medicinal companies where they use formulas to derive the medicine and have a copyright. Therefore it is more valuable than any physical asset.
Here are some of the critical legally defined terms:
Patents last up to 20 years and also be registered in other countries so that international competitors know about the products. Patent excludes anyone from manufacturing and marketing the item.
Trademarks are the names and symbols associated with the service or a product. It distinguishes the goods and services of one enterprise from the other. The protection from the trademark can last for ten years and can be renewed once over.
It is for novels, books, songs, and movies. It protects your idea from getting stolen and gives the owner authority to make several copies of the produced work. Copyright is subjected to limitations based on public interest.
Steps to Safeguard your Intellectual Rights
As we have already discussed above how important it is to safeguard your ideas and products, so let us discuss a few ideas that will help you safeguard your IP rights:
1. Keep your Ideas a Secret
Don’t talk to anyone about your plans and ideas until you have signed a non-disclosure agreement. Do not even trust your close friends. Avoid sharing your ideas on social media and any forums as well.
Even if you are working with partners, speak to the attorneys first, and sign a non-disclosure agreement before proceeding further. Also, look for other agreements you use in your business to make sure you cover all the intellectual property rights.
These documents can include licenses, employment agreements, and sales contracts.
2. Safeguard with a robust Access Control
Safeguard all your business ideas, formulas, and other trade-related essential things in a robust management solution that only you have access.
More than 50% of the breach cases because of the shared credentials, so protect it with risk analysis and two-factor authentication. Entirely securing them passwords is an outdated method.
3. Don’t File Patent
Might you be shocked? But this one is the unique way you can protect your secret. When you file a patent, you would be sharing the complete recipe or procedure of the product.
Once the procedure is published, people can create the same product following the procedure, violating intellectual property rights.
Standardize your idea with the traditional association so that other people get blocked from copying your idea.
4. Separate Teams
Separate teams geographically so that no single person has the idea of what you are creating. This way, no single person will have a complete idea of your product, and it will maintain the security of the product.
To make your dream true, it is evident that several teams have to work together but make sure you separate them so that none have a complete idea. Separation of teams and duties is the paramount belief in information security.
5. Avoid Joint Ownership
Joint ownership might seem a perfect option in the beginning, but later on, it causes troubles. While these problems get worse with time and end up hurting all the owners involved. It seems a better option. Whatever you do, make sure you do it alone and own your own.
6. Please don’t keep it Loud
The most classic and traditional way of protecting your copyright is copyrighting the work and protecting it while defending them in court.
With the change in technology, the modern technique involves using a Digital Management system that is specially designed to keep the things hidden and a secret.
7. Publish with Attribution
Publishing your work using different platforms is another way of securing your idea and spreading it widely, always ensuring that your company’s name is attributed to where it is mentioned.
Summing it up, protecting your copyright is a daunting work to follow. In this case, you can consult the best consultancy or professionals.
Your ideas can bring a change in the world, so why not revolutionize and protect your ideas.