The Critical Risk of Unprotected Intellectual Property
Many innovators pour their hearts, minds, and resources into creating unique intellectual property (IP), but what happens if there's no clear process or procedure in place to protect it? The unfortunate answer, as veteran IP lawyer Phil Crowley explains, is stark: you're going to lose it.
In this critical video, Phil Crowley, founder of Crowley Law LLC, underscores the severe consequences of neglecting formal IP protection. All the hard work, time, effort, and vital resources invested in developing that unique intellectual property – the very thing that distinguishes you and your company from competitors – can be entirely wasted without a proactive strategy.
Ongoing Diligence: Protecting Different Types of IP
Phil briefly touches on the ongoing diligence required for different types of IP:
Patents: Beyond Just Obtaining a Patent
Beyond just obtaining a patent, you need a strategy and understanding of how to enforce your patent rights against infringers.
Trademarks: Maintaining Your Distinctive Rights
Protection isn't static. You must continue to use your trademarks distinctively in commerce to maintain and strengthen your rights.
Copyrights: Actively Protecting Creative Assets
These valuable assets, whether for software, creative works, or written materials, need to be actively protected, and in some cases, formally filed (registered) to maximize your enforcement options.
Trade Secrets: A Robust Methodology is Key
Keeping valuable information a trade secret requires a robust methodology. This includes actively taking steps to keep it secret, demonstrating that you treat it as a secret (e.g., through internal policies and NDAs), and strictly limiting disclosure only to those with a legitimate need to know.
Survival and Success: The Importance of a Clear IP Process
Failing to implement and maintain these protective measures means your intellectual property can be easily compromised, copied, or lost, diminishing your competitive advantage and the value of your business.
If you're an innovator, entrepreneur, or business owner, establishing clear processes for IP protection isn't just advisable – it's essential for survival and success.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
