Posted by: Glenn Ferguson | Date: 28 June 2012
In difficult financial climates, the businesses that flourish are those that are not afraid to diversify the products or services that they offer to their clients or customers.
Whether it is offering a new product to target a lower income segment of the market, or a Smartphone App to allow clients to access services remotely, businesses are starting to see the benefits of new and inventive ways to meet the needs of consumers in a simple and cost effective way.
Before you put your great new idea in motion however, it is important to consider how you can protect that idea before it is snapped up by the first person you ask to help you launch it. An idea will constitute Intellectual Property, which is a very important asset of your business, and needs to be protected.
What follows are five tips to protect your Intellectual Property:
A Confidentiality Agreement is relatively inexpensive to prepare and can normally be used for multiple persons that you may reveal your idea to (or “Confidants”), by simply inserting each person’s details into the agreement and having them sign it before the idea is disclosed.
It also serves the purpose of being an upfront indicator to the Confidant that you take the protection of your intellectual property seriously and are not afraid to take legal steps to protect it.
You also need to use your Intellectual Property prominently and consistently to ensure that if an argument arises as to who was using a particular brand first, or who consumer’s see as having a greater association with a particular brand, you can provide tangible evidence in support of your claim.
If you have any questions regarding intellectual property and asset protection, please don’t hesitate to contact me.