We have made a whole lot of content relating to how important IP is and how protecting it can help you gain monetary value from your intellectual creations. However, many IP owners still make very common mistakes regarding their intellectual property.
The first mistake people make is minimizing the importance of intellectual property. An IP asset is an intellectual creation that has some degree of value. If we do not give importance to it, we can lose the value we earn from that IP.
Secondly, failing to identify the right form of IP in your product. As we’ve discussed before, there are different types of IP in your creations. As these different forms of IP require very different methods of protection, knowing which type of IP you have is essential.
The third mistake you can make is not following the proper registration process. Registration requires filing particular forms in particular office.
For example, Copyright is registered in the Copyright office, Patents are registered under the IP office, and Trade Secrets are not registered at all. Not knowing what each type of IP requires can result in your IP not being protected at all.
Each type of IP has specific requirements as well. Copyrights require originality, Trademarks require distinctiveness, and Patents require Novelty, among other things.
Fourthly, failing to use confidentiality agreements can become a very costly mistake in IP. If you own an organization, you must have confidentiality agreements with your employees, contractors, and vendors which includes specific clauses for confidentiality of your IP.
Similarly, if you’re an inventor, you’re developing a product, and looking for investments, you must have confidentiality agreements with your investors as well.
The fifth mistake is not having a long term IP strategy. If you do not have a long-term IP strategy to protect your products and services, you may lose a lot of value that can be garnered from your creations.
These are all important elements to look into when you run a business or have any sort of intellectual creations under your belt.
Contact Us at info@thepalaw.com if you want to know more about whatwhat mistakes not to make while protecting your IP!
