Whether you are starting a business in New York or have been in business for some time, there are many reasons that you need a strong intellectual property strategy.
There are many different types of intellectual property that potentially affect your business. Some common types of intellectual property include copyrights, patents, trademarks and trade secrets.
What types of intellectual property rights do you need?
Copyrights are about protecting your ideas or forms of expression, while a patent gives you an exclusive right for your inventions.
A trademark is a form of intellectual property that protects your designs so that you are the only one that may use them.
The importance of protecting your trade secrets should be obvious. Your business success comes from your own unique information, which can be a specific device, formula, process or technique. A trade secret protects this confidential information.
Benefits of having intellectual property rights
Taking advantage of intellectual property rights has many benefits for your business. One of the biggest benefits is the ability to generate new streams of revenue and gain a competitive advantage in the marketplace.
Securing intellectual property rights can also make it easier to gain partners or investors in your business and possibly help reduce or avoid tax liability.
Additionally, intellectual property rights are intangible assets, which may make it easier to secure financing. Your customers or clients will also likely have more faith in your products or services if they know they are protected, viewing them as safe and reliable.
Giving you the security to keep going
Finally, part of running any business includes risk and occasional failures. Knowing you are protected with intellectual property rights can incentivize you to keep creating, innovating and moving forward even in times of adversity.
Setting up your intellectual property rights involves paperwork, which can get complicated, but there are professionals out there who can provide guidance.