Although it is not required to secure intellectual property during the start-up phase of a trade, as the owner, you should have a considerable knowledge of your rights to protect your trade secrets and other confidential information. Knowing that you can safeguard your intellectual property will protect you from infringement and other risks that will endanger the future of your business. Do it the right way and follow these tips.
Act Early and Make It Legal
It doesn’t really matter whether you are just starting up your business or considering an expansion. Act as soon as you have an intellectual property that needs to be protected. Be confident that you can go to court to enforce the law in case of breach of your IP rights. You can even ask for an injunction or even monetary compensations depending on the damages on your business. It is always advised to consider securing such right during the early part of setting up a business.
Set up an Effective Security System
With advanced technology, access to confidential information has become easier. Online data are vulnerable as cyber thieves are just waiting for their next victim. Protection from hacking and other kinds of cyber-attack is vital to the success of your business. It may sound costly at first, but it is critical in defense against modern thieves. To ensure the safety of your sensitive data, hire a professional or group of professionals to do a protected system for you. A secured database and encrypted IP can only be set up by professionals.
Consider Confidentiality Agreements
Sometimes called as a non-disclosure agreement, confidentiality agreement a security precaution against third parties who are allowed to handle some sensitive information like consultants, lawyers or even employees, but have to make sure that details are not handed to other people especially to competitors. The receiving party is restricted to disclose any information pertaining to the confidential information he or she is allowed to access. When violated, you have the right to defend it in court for damages.
Apply for Patent, Copyrights, and Trademarks
Hiring a professional IP lawyer in the Philippines is a good investment to protect your invention, product formula, artistic expressions and brand name. Consider working with an expert to make sure that confidential information is secured and properly handled and documented. Securing your legal rights will also secure your company’s reputation and future. It is indeed a critical asset that will give assurance to your market profitability.
Get a Professional Help
As mentioned, working with an expert is a good investment. If you want to grow your business, consult experts only. Setting up a trade secret planning group is also a good idea. Actually, there are several free or cheap services available online that claim to give necessary data protection. In fact, many start-up companies utilize them without realizing that a bigger problem could be waiting if proper and legal protection is not obtained. Fixing a bigger problem can be costly.
Always think about the future of your business by securing your intellectual property earlier and talking to the right people. Most of the time, your ideas and trade secrets are more important than your physical products and must be safeguarded against thieves. Consider protecting it while thinking about expansion and global competition.