IP, which stands for intellectual property, is defined as work you come up with via your creative process. Songwriting, fictional stories, inventions, software programs and modifications, etc; all of this count as IP, and this is how people end up making money in the market. Smartphones, for instance, are the IP of huge companies, along with social media sites, and any other invention you can name. Protecting your IP is something that a lot of people don’t consider when they’re just getting started with an idea. They’re excited and want to move forward. Though it’s of vital importance to protect your IP, here are some reasons why.
You Can Survey the Marketplace
The best way to protect your IP is to go through the trademark process and secure a patent. One of the best reasons to do this, beyond ensuring that no one can steal it, is that you can test the waters, so to speak. Say that you have a great idea for an app, but you want to know if there’s a market for it. By applying for a trademark or a patent, you will learn if there are any other ideas or apps out there that are too similar or even copies of your idea. If you can get a patent on your idea, then you know that the market is clear for you to move ahead into the pitch and production phases.
It’s Simply Easy to Do
It’s also important to protect your IP because it’s such a simple process for you. Say that you’re starting a company, and you want to profit. The most important things about the start of your business have become the easiest to accomplish because they’re so popular. So many people register trademarks for their IP that it’s become not only the first initial step to take, but also the easiest step to take because of the necessity of protecting your property. If you can’t even get through the easiest steps, you’re going to have a difficult time.
Save Your Time and Money
You also want to protect your IP so that you don’t have to hire a firm to conduct an IP investigation for every idea you have. An investigation into IP is used for two reasons. One: Someone steals and implements your IP. Two: You want to investigate to see if anyone is using similar or the same IP (refer to earlier in the piece, about trademarks and testing the waters). It’s a boon for you to get an investigation going to find out more about an IP, but it’s a huge nuisance to need an investigation if someone steals your IP. Do you see the difference? Protect your IP now so you won’t have to worry about theft.
You Will Need a Trademark Eventually
If you plan to ever push your IP in any capacity, you’re going to need a trademark at some point. This is because you simply cannot put any sort of product out there unless it’s protected. You better believe that every single product to hit the market, whether it’s just written words on a page or a new sort of electronics device, is being hounded by an entire team of people looking to see if all of your techs are patented and if you’re protected by a trademark. They’re just waiting for every new product, like a pack of vultures, and they will feast on your IP.
Thieves Protect Their Theft
What would happen if your IP wasn’t protected and someone stole it? Unfortunately, you may never be able to get it back, because thieves who steal IP are very smart about it, and the first thing they’ll do is rush out to get trademarked. Then, how are you going to prove that it was your IP when they’re the ones who have the trademark or patent on the idea? You’ll be fighting an uphill battle, so it’s best to protect your IP right away.
In Conclusion
There are plenty of easy ways to protect your IP, so make sure that you’re taking the steps necessary to provide yourself with protection against theft in all areas.
