Intellectual property (IP) is a valuable asset for any business. Whether you’re a startup or an established company, protecting your intellectual property is key to maintaining a competitive edge. Businesses face potential lawsuits if they fail to handle their intellectual property carefully.
Fortunately, there are several proactive steps you can take to avoid these legal battles.
Understand what qualifies as intellectual property
Before you can protect your intellectual property, you need to understand what it covers. Intellectual property includes patents, trademarks, copyrights, and trade secrets. Each type of IP has specific rules and protections under New Jersey and federal law. By knowing which category your creations or products fall under, you can more easily take steps to safeguard them.
Register your intellectual property
While certain types of intellectual property are automatically protected, registration can offer stronger legal backing. In New Jersey, you can register trademarks with the New Jersey Division of Revenue, and patents can be registered with the U.S. Patent and Trademark Office.
Create clear contracts with employees and contractors
Your business needs clear contracts with anyone who works for you, whether they’re employees or contractors. These agreements should outline who owns the intellectual property created during the course of their work.
Monitor the use of your intellectual property
Keeping an eye on how your intellectual property is being used can help you spot potential infringements early. Use monitoring services for your trademarks and patents to see if anyone is using your IP without permission.
Enforce your rights
If you believe someone is infringing on your intellectual property, don’t wait. Enforce your rights quickly by sending a cease-and-desist letter or pursuing other legal remedies. By taking quick action, you can prevent further damage and reduce the chance of a lawsuit.
Taking these steps can save your New Jersey business from the headaches of an intellectual property lawsuit. With the right protections in place, you can focus on growing your business without worrying about legal disputes.