In the complex world of intellectual property protection, it’s easy for uninformed business owners to make costly mistakes when dealing with their intellectual property. Today, we will discuss three misconceptions that are usually encountered regarding a business’ intellectual property.
Misconception 1: “The Cost to Protect My Intellectual Property is Too Expensive”
Understandably, money plays a major role when a business is deciding what is an immediate financial priority. Further, it makes sense that a business would feel that either the start-up or maintenance costs surrounding the protection of intellectual property are simply too costly, due to the fact that these protections are not legally required.
Unfortunately, this line of thinking is a folly. This is because although, yes, not protecting your intellectual property can save you money in the immediate sense, once your intellectual property is stolen or abused, you will actively be losing money that should be yours, as you lack the capability to enforce any protections. And, if you haven’t taken precautions to protect your property proactively, you’ll have a hard time defending your business, if the time comes.
On the opposite side of the equation, if your intellectual property is protected, and someone attempts to use it without authorization, there are steps in place, like cease and desists, that can be enacted to stop unauthorized use. Then, if the unauthorized use continues, you will very likely be receiving a payout for infringement.
Misconception 2: “No One Will Steal My Intellectual Property”
Although you may not consider your intellectual property to be something a competitor would want to steal, be it your logo, slogan, or trade secrets, it’s important to remember that it happens quite frequently.
Here’s the reality of it – intellectual property does get stolen, but there is no way to know if yours will ever be stolen (unless you can see the future). That’s why it’s so important to protect it. To reiterate from the previous point, if you don’t have protections in place, infringement is going to hurt you financially, and you’re going to have a difficult time correcting the financial effects, if you can at all.
Misconception 3: “I Don’t Know How To Protect My Intellectual Property, So I Just Won’t”
Laws are extremely complex and difficult to navigate — especially when it comes to complying with them and protecting your property as a business. However, that is no reason to completely abandon the protection of your property. After all, it is your property, and your property is valuable!
We get it; it can be overwhelming, and it’s not cheap to a) protect your property and b) enlist an attorney to navigate the waters on intellectual property protection. But, as we’ve said multiple times already, it’s so incredibly crucial that your business’ intellectual property is protected.
Additionally, there are law firms, like Allison L. Harrison Law, LLC who exists solely to help with these kinds of situations. We understand that you didn’t go to law school, and we’re here to help!
It’s our prerogative to make sure that our clients’ businesses are not only protected in regard to their intellectual property, but also set up to succeed by complying with laws and regulations.
We’re experienced in business law so you don’t have to be. We know you need to focus on the day to day aspects of your business, so let us help you organize the legal logistics.
Call Allison L. Harrison, LLC today to start protecting your business!