Precaution is better than cure and eliminating chances of loss is the way to go. Entrepreneurs must protect their assets, employees and lastly, their intellectual property. Though it is intangible, it is important to protect your intellectual property which actually is gold in terms of your assets. Trademarks, copyrights and patents help protect ideas, concepts, recipes, procedures, and such trade secrets so that they remain unique to you, distinguishing you from your competitors. Here are a few effective ways to protect your intellectual property.
Protect your assets
First and foremost evaluate your intellectual property. When you are certain about it, protect your intellectual property by legally purchasing its rights. You should file for trademarks in case of logos, patents in case of processes and manufacturing, and copyrights in case of original works. You might need one, all or a combination of these. This legal protection will save your trade secret from being replicated whether intentionally or unintentionally. Patent and trademark agents can help you in your searches and facilitate getting a registration. Note that in some scenarios a patent might not be very beneficial. For instance, a patent can lead to the recipe being published and even though it forbids people to sell the same recipe, they can still work around it and that is a problem too. Here, much suitable would be seeking to standardize the idea with the standards association. Doing so will block others from working in the same lines and creating such an idea.
Benefit from a corporate lawyer
It is important that you seek a professional business lawyers perth help so he can assess and protect all that belongs to your entrepreneurship. Further, you will have employees coming and going and this puts your trade secrets at a risk of being spilled. Before joining, make sure that your employees sign a contract which binds them and protects your intellectual property. The contract should be drawn by a corporate lawyer who must remain in notice of all these dealings. Having a corporate lawyer deal with contracts directly ensures specialized attention as well as protection. If you are about to start a new venture then before setting off you should protect yourself from future trouble by checking if someone has already purchased the right to that particular idea.
You must have a record of how you achieved your trade secret. For instance, if it is a recipe then keep a recorded timeline of all tests and trials of how and when you achieved what. If it is a family heirloom, then make sure you have evidence for that (and also keep it very safe). In case of original works keep a record of the design process as well as date and sign them. In case of manufacturing and processes, again, you must keep recorded evidence of how you came up with and developed the idea and the process. Remember that the uniqueness is what needs to be protected and you must keep all accounts of what makes it yours.