Want to protect your business innovations from theft?
All businesses own millions of dollars’ worth of intellectual property that could be stolen in an instant.
It’s an unfortunate reality. 45% of all US businesses have been affected by intellectual property theft, according to the latest available data.
Businesses need smart legal strategies to keep their most valuable ideas safe and secure. Without them, the precious innovations that set them apart will be gone in an instant.
Here’s what you’ll learn:
- Why Smart Legal Protection Is More Important Than Ever
- Why The Costs of Intellectual Property Theft Are Hidden
- Essential Legal Strategies Every Business Needs
- How To Select The Right Legal Support
Why Smart Legal Protection Is More Important Than Ever
Did you know that intellectual property can account for 80% of your company’s total value?
That’s right. Four out of every five dollars your business is worth is stored as ideas, processes, and innovations in the minds of your employees and on digital hard drives.
But most business owners don’t think that way. In their minds, physical assets like buildings, computers, and equipment are what need protecting. Intellectual property is always the afterthought.
Meanwhile, we are currently in the golden age of innovation theft.
Digital technology and globalization mean it’s easier than ever for your competitors, employees, and criminals to steal your ideas.
Intellectual property theft is only going to get worse. Cyber attacks are increasing, and the cost of digital storage and data mining make idea theft far cheaper and easier than ever before.
Professional legal services are more essential than ever for modern businesses. Working with experienced Brisbane commercial lawyers to create effective and legally sound protection strategies is the best way to protect your innovations before they get stolen.
Why The Costs Of Intellectual Property Theft Are Hidden
Do you think your business innovations are safe?
Intellectual property theft is happening, even if it’s not happening to you right now. Recent data suggests that IP theft costs the US economy between $225 billion to $600 billion per year — which is between 1% and 5% of the entire GDP.
The hidden costs of IP theft to your business include:
- Lost revenue
- Damage to your market position
- Expensive legal disputes
- Employee trust and retention issues
The average cost of an intellectual property data breach for a small business in 2020 was $8.64 million. For small businesses, this could be a death sentence.
Essential Legal Strategies Every Business Needs
Business innovation protection isn’t difficult, but it does need the right legal strategies and professional support.
Here are the core legal strategies that every business needs to implement:
Patent Protection Strategy
Patents are the number one legal strategy for protecting your business innovations.
The big thing to understand about patents is:
- You have to file patents before you disclose your innovation to the public.
There’s often nothing you can do after your idea is out there.
So you need to work with legal professionals to identify what’s worth patenting and then get it filed before you present at that conference or publish that research paper.
Of course, not every innovation needs a patent. But the ones that do will need to be protected quickly.
Trade Secret Protection
Some innovations are better protected as trade secrets. Instead of patenting, businesses simply keep them a secret.
The classic example is the Coca-Cola formula, which they have kept secret for over 130 years.
Trade secrets can be:
- Manufacturing processes
- Customer lists
- Pricing and cost information
- Marketing strategies
- Product development timelines
- Distribution networks
- Software algorithms
Trade secrets only work if you actually keep them secret. This means employee NDAs, training, and security protocols.
Comprehensive Employment Agreements
Many businesses assume their IP theft risks are external. The reality is that your biggest risk is often your own employees.
Employee agreements you need include:
- Non-disclosure agreements (NDAs) — Protects your confidential information from being shared
- Non-compete agreements — Protects against employees leaving to immediately work with a competitor or start their own business
- Assignment agreements — Ensures all innovations they create on your time or using your resources belong to you
Make sure your employment contracts are legally robust with experienced help. Templates and generic agreements from the internet often don’t hold up in court.
Trademark and Brand Protection
Protecting your brand is also part of business innovation protection. Your business name, logo, slogans, and unique product names need to be protected from competitors who might want to confuse your customers.
Trademark and brand protection strategies include:
- Trademark registration for your brand name, logos, slogans, and taglines
- Unique product packaging designs, slogans, and labels
- Marketing campaigns and social media handles
- Domain names for your website and any subdomains
The more you use a brand asset, the more quickly you should trademark it.
Digital Asset Protection
The reality is that the vast majority of modern business innovations and intellectual property only exist in digital form.
Your legal protection strategies must include digital assets and cyber security:
- Proper software licensing and data protection agreements
- Cloud and data storage security protocols and employee device management
- Regular security audits
How To Build Your IP Protection Plan
Protecting your business innovations and intellectual property isn’t something you should try to do alone. The legal world is complex, and the laws are constantly changing.
Here’s how to start creating a comprehensive IP protection plan:
- Start with an IP audit. Work with legal professionals to identify all your valuable intellectual property assets. You might be surprised at what you already own.
- Prioritize your IP protection. You don’t need to protect everything at once. Prioritize based on value, vulnerability, and your business strategy.
- Create monitoring systems. IP protection is an ongoing process. You need systems in place to detect potential theft and respond rapidly.
- Train your employees. Make sure your team knows how to handle and protect IP information.
Selecting The Right Legal Support
Not all lawyers are equal when it comes to IP law. And not all IP lawyers know how the real world works.
You need legal professionals that can:
- Understand the unique IP challenges of your industry
- Give you practical, cost-effective protection strategies
- Respond quickly when IP theft happens
- Enforce your rights without costing you a fortune
Look for experienced legal professionals with a proven track record of protecting the business innovations of your industry.
Wrapping It All Up
Protecting your business innovations is no longer optional. It’s necessary for survival.
IP theft affects nearly half of all businesses, costing hundreds of billions of dollars in losses per year. Protecting business innovations is a strategic necessity.
The smartest businesses see it as an investment, not an expense. The most successful businesses work with experienced legal professionals to create and implement comprehensive innovation protection strategies before a problem arises.
Remember, prevention is always cheaper than the cure. Start your legal protection strategy today, before it’s too late.
