A majority of law firms and in-house IP professionals say IP filing activity is on the rise according to a UnitedLex IP Impact Study. But safeguarding these ideas–whether a groundbreaking new technology, a captivating novel, or a striking logo—is ever-more challenging than filing, with increasing competition, the growth of AI, and the digital landscape.
Organizations are eager to protect their IP for competitive advantage, revenue growth, and brand reputation. When IP isn’t protected, there can be a myriad consequences: competitors can exploit others’ inventions, designs, and creative works, counterfeit products could flood the market (some potentially causing serious physical harm), trade secrets can be leaked, IP licensing revenue streams could be compromised, and there’s overall less incentive for businesses to invest in research and development. And when IP is infringed upon, there’s little to no legal recourse.
This is why intellectual property protection is critical.
Intellectual property explained
Intellectual property (IP) refers to creations of the mind, such as inventions, literary and artistic works, designs, and symbols, used in commerce. It’s a legal umbrella that protects these intangible assets, giving creators exclusive rights to control how their work is used. There are several types of intellectual property.
- Patents: A patent protects inventions, giving the inventor exclusive rights to make, use, license, or sell the invention for a specific period of time.
- Copyrights: A copyright is a legal right granted to the creator of original works of authorship, including literary, musical, and the like. It gives the copyright holder exclusive rights to control how their work is used, preventing others from copying, distributing, or adapting it without permission
- Trademarks: A trademark is a symbol, design, or phrase that represents a company or product. Trademarks protect brand names, logos, and other identifying marks used in commerce, helping consumers identify and distinguish products or services from different providers.
- Trade secrets: A trade secret is confidential and valuable information that gives a business a competitive edge. This could be a formula (remember Mrs. Field’s cookie recipe?), a process, a marketing strategy, or a customer list. Unlike other forms of IP, trade secrets are protected by confidentiality agreements and internal security measures, not formal registration, and can remain protected indefinitely so long as they are kept confidential.
Intellectual property protection strategies
There are a number of tactics organizations can take to strengthen their intellectual property protection. Here’s a quick overview:
Identify IP assets
Regularly review all aspects of the business to identify potential IP. This includes inventions, designs, logos, brand names, software, trade secrets, customer lists, and more. Then, determine which type of IP protection is best suited for each asset.
Conduct a search
Prior to pursuing formal intellectual property protection, it’s wise to conduct a thorough search to ensure that the IP is unique and doesn’t infringe on existing IP rights. A search involves, at the most basic level, searching various databases to identify any existing IP that are similar and used for related products or services. Because of the complexities in searches, many businesses use specialized IP expertise to assist.
File an application
For patents, trademarks, and copyrights, organizations need to file an application with the appropriate government agency. In the U.S., it’s the U.S. Patent and Trademark Office. Beyond the U.S. the World Intellectual Property Organization sets international IP standards, administers treaties, and provides services for intellectual property protection across borders. Many regions have their own IP organizations, such as the European Patent Office, Organisation Africaine de la Propriété Intellectuelle, and Eurasian Patent Organization, and most countries have their own national IP office responsible for administering IP rights within their borders.
Maintain confidentiality
There are several ways to protect trade secrets. Non-disclosure agreements with employees, contractors, and partners, limiting access to sensitive information on a need-to-know basis, and implementing physical and digital security measures can all help keep trade secrets protected. Furthermore, IP awareness training for employees can educate them on the importance of IP, how to protect it, and how to adhere to confidentiality policies and procedures.
Monitor and enforce IP assets
Once IP is protected, organizations need to monitor the marketplace for potential infringements and take action to enforce their rights if necessary. Monitoring and enforcing IP assets requires a proactive and vigilant approach. Tactics include regularly searching for potentially infringing products or services online and in physical marketplaces. Using automated tools and watch services can help track trademark and copyright usage. For patents, monitoring competitor activity and published patent applications is crucial.
When infringement is suspected, enforcement options range from sending cease and desist letters to initiating legal action, including litigation or administrative proceedings.
Consistent monitoring and decisive enforcement are essential to deter infringement and protect the value of an organization’s IP.
Maintain intellectual property protection
Maintaining IP protection is an ongoing process that requires proactive measures. Organizations can effectively maintain their IP protection through regular IP audits, renewals and maintenance, updating confidentiality and security policies, and monitoring and enforcement.
Stay updated
Finally, stay updated on IP law and regulations, which are changing to address new technologies such as AI, and to clarify patent eligibility.
IP protection is a critical component of a holistic IP strategy
An organization’s intellectual property protection measures are just one part of an IP strategy. A comprehensive strategy is aligned with overall business goals, whether seeking to block competitors, generate revenue through licensing, attract investment, enhance brand reputation (or all of these), and involves regular auditing, IP portfolio optimization for capturing more value, competitive and economic analyses, protection strategies, and a lot more.
UnitedLex delivers capabilities that align IP strategies with business realities, result in measurable value and ROI, and optimize IP management and decision-making. Learn more here.
