The Lowdown On IP For New Entrepreneurs

Whether you’re about to launch a new business or are already operating a start-up, you need to clearly understand how best to protect your venture’s intellectual property (IP).

This subject may sound like a tricky one that only more experienced entrepreneurs or those running huge businesses need to know about. However, it’s an area that even those running the leanest start-up should wrap their heads around.

Different organizations need different types of IP and sometimes multiple ones at different times in their operations. Read on for the lowdown on the key types of IP you need to know about today.

Trademarks

A trademark is one of the most common intellectual property marks used by entrepreneurs.

This IP protects words, names, logos, symbols, phrases, and the like to help identify and distinguish goods, services, or the brand of one company from another. To apply for a trademark, you need to submit paperwork to the United States Patent and Trademark Office.

Many people want to learn how to trademark a name so they can protect their business from competition that pops up using the same name or logo.

However, you can also use a trademark to protect the intellectual property of product names (e.g., the iPhone), marks, symbols, or other graphics that create business recognition (such as Nike’s tick mark), or a slogan or other phrase that is utilized to market and sell your wares.

Patents

On the other hand, a patent is what you use to protect the IP behind something you invent. When you obtain a patent (and you have to apply for them from the U.S. Patent and Trademark Office), you get conferred the “right to exclude others from making, using, offering for sale, selling, or importing the invention.”

It can be tough to thoroughly protect an idea, especially if you and someone else come up with the same idea or something very similar at the same time. However, if you have an idea and turn this into an invention, you may be able to protect your IP with a patent.

To do so, you must prove that you, and your partners, if relevant, came up with the original idea and design. You’ll need adequate documentation to submit to the Patent and Trademark Office.

Today, patents are granted for two decades. If you own a patent, you can also grant a license to other people or businesses for the use of your invention or the design behind it.

Copyright

Another type of IP you need to know about is copyright. This protection is granted to those who create “original works of authorship.” These works may be published or unpublished, and the copyright automatically applies whenever you create the work. As such, you don’t have to register for it.

Remember, though, that copyright isn’t something that gives you cover for a subject matter, idea, or anything else that isn’t tangible.

Instead, it’s for actual, produced forms of expression such as songs, books, films, theatrical performances, etc. Sometimes, it can even be used to protect a software program, coding, or other relevant creations.

As for the length of copyright, this is determined as the lifetime of the author of the creative work, with an extra seven decades added on top.

Trade Secrets

The other essential type of intellectual property protection to understand is trade secrets. As you might imagine, this IP is designed to protect proprietary business information used by an organization or an individual to which they have exclusive rights.

To get covered for this type of protection, though, you must adhere to strict rules. The information or method can’t be obvious, must be genuine, and provide a competitive or economic advantage you want to protect.

To be covered, your trade secrets must be protected from disclosure, meaning you must exercise all due care possible to keep the details or method secret from others.

Examples of trade secrets that many people would love to know are the recipes behind KFC chicken seasoning or Coke soft drinks or the indexing algorithms and other codes used by Google.

As you can see, there is a type of intellectual property protection for many business purposes. You need to understand them all to know which one to apply for, use, or investigate further in different situations for your company.

It’s best to always speak with an expert IP lawyer or another specialist to ensure you’re covering yourself and your business adequately and submitting intellectual property applications effectively.

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