Deciding how to patent intellectual property is a crucial step to ensure the success of your business. Intellectual property is items that you have created that are unique and provide you with some form of economic benefit. Intellectual property accounts for over half of U.S. exports and drives an estimated 40% of economic growth. It is the most valuable part of any business, therefore knowing ways to protect intellectual property will protect your business as well.
Copyright and patent laws and trademarks may all seem the same but they are not. Copyrights protect original works of authorship and provide compensation for using the work of creative individuals. Trademarks protect the product name and patents prevent other parties from making, using or selling your invention for a specific period. The patent process is a complicated process that can confuse many business owners. Obtaining as much patent information as possible will assist you in patent process steps to decide how to patent intellectual property.
During the process of obtaining a patent for intellectual property, don’t forget about other employees of the business. Employees should know what patents are and why they are important. They should also be able to recognize situations that arise that relate specifically to patents. Employees should be familiar with situations such as new product creations and infringement situations. This step can help you avoid costly mistakes within the business.
Decide carefully what intellectual property needs to be patented and what does not. Many business owners make the mistake of patenting everything. This can be a costly and needless mistake. At the same time however, it can be just as costly not to patent anything. Carefully weigh the decision on what products need to be patented and which ones do not.
Companies make costly patent mistakes each day, but these mistakes can easily be avoided. Deciding how to patent intellectual property is an important decision because it protects your business and your property. With information being so easily accessible these days patents have never been more beneficial. Internet traffic is used to consume infringed content almost 25% of the time. Protecting intellectual property has never been more important.