5 Logical Reasons to Protect Your Intellectual Property
Sometimes, the idea of defending your intellectual property (IP) may seem like a road not worth going down.
Lawsuits can potentially cost a lot of money and eat up a lot of your time and focus.
Still, IP is always worth defending and protecting, and an intellectual property lawyer can help with just that.
Whether it’s tangible or not, there are many reasons to protect your IP, so let’s look at some of those today.
#1. Maintain Control
Throughout history, there have been many examples of intellectual property law at work so that creators can maintain control.
in 1999, Shawn Fanning invented Napster, so that people could share and download MP3s of music with each other for free.
Many recording companies went after him. This was to maintain the control of the music that was being freely shared on Napster.
Whether it be a logo, a tagline, a piece of art, etc., you should have the right to maintain the control over that intellectual property. For example, you should dictate how it is shared, distributed, sold, etc.
#2. Attract More Talent and Business
If you’ve been asking yourself, “What is an intellectual property lawyer?” not only can they help you with defending your IP but also with obtaining:
These are all very good things because they can help you and your company attract more talent, clients, and customers and even help with more favorable contract and agreement terms.
Generally speaking, other companies and people will respect you more if you’re actively willing and able to protect your own IP.
A weak business is not something people want to interact with, and it can even potentially attract other companies who will just copy your ideas.
#3. A Strong Defense
According to the United States Patent and Trademark Office, IP-intensive industries have grown significantly over the years.
IP-intensive industries are even accounting for nearly 40 percent of the United States GDP.
In a packed and ever-growing industry of intellectual property-driven business, you need to make sure that you’re defending yourself properly. This means seeking help from those who understand intellectual property law.
#4. Better Payout for Your Exit
At some point in many companies, people are finding a way out.
Whether your company is bought out, merged, made public, or another way generally considered an exit, your company will be valued.
There are many factors and variables that go into valuing a company, but intellectually property is certainly one of them. Intellectual property that is not protected can significantly devalue your exit strategy.
#5. Cost Reduction
Failing to protect your IP can be extremely expensive in the long run.
If you find yourself needing to defend and prove your ownership of IP time and time again, the cost of litigation and an IP lawyer will just add up.
It’s important to protect your IP now.
An Intellectual Property Lawyer Can Help
If you are a business that thrives on new ideas in need of protection and defense, an intellectual property lawyer can help you.
Protecting your IP now is more important than you may think and the added benefits of true ownership are far-reaching.
If you’re interested in seeing what an IP lawyer at Manfred Law can do for you, feel free to contact us anytime!