Innovative designs, ideas and creations by Texas entrepreneurs contribute to national and state economies. Protecting and fostering this innovation ensures businesses and individuals can benefit from their inventions and receive compensation for their creations. We often assist clients in protecting their unique ideas, techniques and other creative endeavors.
According to the U.S. Department of State, intellectual property reflects a person’s or organization’s creativity. The four areas of intellectual property include copyrights, trade secrets, trademarks and patents. Some IP rights are automatic, while others require applying for protection.
Advantages of intellectual property
When you have patent protection for your intellectual property, you may have a competitive advantage as other businesses in your industry cannot use, copy, manufacture or sell your product. It can also help you generate income through licensing agreements. Your unique logo or product design can help you differentiate your business from others in the industry, making marketing your services and products easier. IP protection enhances your credibility, which can also help you obtain financing.
Protecting your intellectual property
Copyrights and patents can offer a level of security, but the creation may not have complete protection. However, there are several steps you can take that are less common:
- Avoid joint ownership, which can cause problems later
- Do not file patents, as it makes the recipe for your creation public
- Store manuscripts, films and other tangible items in a safe place
- Create strong non-disclosure agreements
- Use discretion and limit exposure to the trade secrets
If your business uses innovative techniques or trade secrets, protecting your intellectual property is essential. In situations where a breach occurs, and a competitor steals critical knowledge, legal action may be necessary.